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Schedule B Help; Thanks in advance.


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Hey guys,

I’ve decided to tackle this BK thing and am starting to complete my forms. I have a few questions regarding Schedule B. Any help is very appreciated.

Household goods and furnishings, including audio, video and computer equipment:

I have a used Gateway computer; sofa, coffee table, end tables, bookcase, Computer stand, Kitchen furniture, bed, Children’s bedroom furniture, a TV (not sure on inches; may be 27” or 32”), a 19” TV, a VCR/DVD player, a VCR. Do I list all this stuff and if so, what value do I put on this? Nothing was bought within the last year.

Books; pictures; art objects….,compact disc, etc.:

I only own used books, but I have many of these (hundreds). None are collectibles. I have CD’s (Approx 100), but again none are collectibles and all don’t even have cover/jacket, etc. What value do I assess?

Wearing Apparel:

I have no idea what to list as my value. Clothes would include mine, hubby’s, and three children.

Furs and jewelry:

The only jewelry we own is our wedding bands. No furs (I wish). Do I put NONE or do I list the value of our wedding bands?

Interests in insurance policies:

Do I list the life insurance that we pay through our jobs or is this just for an policies that we pay for on our own? Also, if I have a Gerber life insurance policy for the kids, do I need to list that? I’m sure there’s not a refund value.

Accounts Receivable:

The only thing I have coming is a student loan rebate in mid-Feb. I won’t know the amount that will be refunded until I register for my Spring classes. Do I need to include this info or just put NONE?

Other liquidated assets…tax refunds:

We owe federal, so I’m not anticipating a refund. State is a possibility, but I have no idea what the amount would be; do I guess or say NONE?

Automobiles, trucks, etc:

I have 2 cars; 1 leased (being returned); 1 financed (that I will reaffirm) I have no equity in the car; do I list the value of the car or put NONE?

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You use garage sale values for EVERYTHING. If you're filing alone and its marital property, your interest would only be HALF.

No need to itemize clothing, just lump it all together with 1 number. Are you filing for YOU or jointly ?? The kids clothes are NOT yours, don't include them. If your hubby isn't filing, don't list his either.

List all the major household items separately. Put it all into a spreadsheet and put in the values, then fill in the categories on the forms.

Wedding rings - no Trustee is going to take your wedding rings. Jewelry has more of a sentimental value than REAL value. Jewelry store markup is typically 40-60% !! Go check out a pawn shop and see what they'd give you for it.. nowhere near what you paid nor what it would cost you to replace them !

Student loan isn't accounts receivables - not really - that's more for business. It would be an asset though, so you still have to list it.

For the car, you put in on 2 schedules - on the liability side for what you OWE on it, and on the real property form. One will basically cancel out the other if you have no equity.

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