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How much detail is necessary on Schedule B, and what do I show for "Location"?

North Hollywood, CA |

I'm filing Chapter 7 in California Central District (Woodland Hills). How much detail do I have to put in for Household goods & Furniture and other categories on Schedule B? Is it necessary to put in my address for "Location", or is it assumed that everything is at my home location shown on the Petition? I have a security deposit with my landlord. Do I have to put in his name and address (I only have a PO Box for him)?

Attorney Answers 4

Posted

The answer to this question is more a matter of personal preference. Clearly you put in less detail for assets that have lesser value such as household goods as opposed to real estate, and I chose only to describe a location for real estate and any property that isn't exempt, eg, the contents of a safe deposit box. If you file pro se, you may want to include more detail as the trustee has no personal relationship or past experience with you. Hope this perspective helps!

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You can use one line for your household goods: Household goods, no one item totaling more than $575 (or whatever the maximum is for the exemption scheme you are using) in value. Then put the total value of all your household goods. Obviously, only put that in if that is true. If you have items that are worth more than that, list them separately and then put two different exemptions on it on Schedule C - the maximum for a household good ($575, or whatever the maximum is for the exemption scheme you are using) and then a wildcard exemption if available. For location, you can say, "in Debtor's possession." Yes, list your security deposit with your landlord and put his name and address. Also, if you have a lease with him, this should be listed on Schedule G, Executory Contracts, and either indicate that you accept or reject it. It should also be listed on the Statement of Intention if you have a lease (as opposed to a month to month tenancy). Please remember you have a legal obligation to list all of your assets and all of your debts. As I do not practice in your area, it may be that the trustee prefers to see more detail on the household goods. You might want to check with a local BK attorney for that. Good luck.

This answer is for informational purposes only and is not intended as legal advice or to create an attorney-client relationship.

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Posted

Use as much or as little detail as local practice requires. This will be thoroughly understood by one of the experienced bankruptcy attorneys in your jurisdiction. A security deposit is an asset and like all assets must be disclosed on Schedule B. See line 3. Do yourself a favor and retain an experienced bankruptcy attorney to guide you through the complexities of bankrutpcy law and procedure. Based on what's at stake, you can't afford not to. Meanwhile, here's general info on the bankruptcy schedules: BLUE LINK BELOW:

Law Offices of Andrew D. Myers, North Andover, MA & Derry, NH provide answers for informational purposes only. Actual legal advice can only be given by an attorney licensed in your jurisdiction, thoroughly familiar with the area of the law in which your concern lies. This creates no attorney-client relationship.

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Iagree with the other attorneys. However, if this fairly simple question is confusing, you really need to find the way to meet with an attorney and have your case done properly. Most attorneys accept payment plans and the fees are frequently more resonable that you might expect. Make sure that you select an attorney who has considerable bankruptcy experience in your area.

Nothing in this response should be construed as legal advice, or establishing an attorney-client relationship.

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