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Schedule B ?s

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  • Schedule B ?s

    I am preparing my Schedule B and wanted to ask a few questions and I am hoping! Someone can advise. If I have two vehicles, both being still under lien with the bank and I owe more than the current value of both vehicles, do I place a "$0" in the last column where it asks for the current value of debtor's interest in the property? (As to say I have no positive equity in either vehicle?)

    Also, under Licenses and Franchises etc.. (#23), must I list my professional license (a nursing license) here? How would I go about assessing the current value of my interest in it, if so?
    And lastly, I have not filed my 2015 tax return yet, but I plan on receiving a tax refund when that time comes. I do not know the amount, and am wanting to know how I would account for it on the schedule (would I enter an approximate value)? Thanks so much in advance for any help you all can give

  • #2
    Welcome to BKforum!

    Originally posted by lilyx View Post
    I am preparing my Schedule B and wanted to ask a few questions and I am hoping! Someone can advise. If I have two vehicles, both being still under lien with the bank and I owe more than the current value of both vehicles, do I place a "$0" in the last column where it asks for the current value of debtor's interest in the property? (As to say I have no positive equity in either vehicle?)
    Look at the instruction at the top of the column: "Current value of debtor's interest, without deducting any secured claim or exemption".

    Originally posted by lilyx View Post
    Also, under Licenses and Franchises etc.. (#23), must I list my professional license (a nursing license) here? How would I go about assessing the current value of my interest in it, if so?
    I don't know whether you should list it, but my theory is that when in doubt, disclose everything. The value of any asset is the value you could sell it for. Your license is worthless to anyone other than you.

    Originally posted by lilyx View Post
    And lastly, I have not filed my 2015 tax return yet, but I plan on receiving a tax refund when that time comes. I do not know the amount, and am wanting to know how I would account for it on the schedule (would I enter an approximate value)? Thanks so much in advance for any help you all can give
    Do you mean 2014 or 2015? Either way, estimate it. If you are talking about 2015 tax, if you file BK before the end of the year, only include that portion of your estimated refund that is attributable to withholding that occurred before you file your petition.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

    Comment


    • #3
      lilyx for Schedule B you would list the current value. Schedule D would help calculate that there's a secured claim against the property on Schedule A or B. Schedule C is where you would add any exemptions for which you are entitled by law.

      I believe that Licenses and Franchises is for product/idea/inventions that are Licensed and Franchises means just that... where you may be a Franchiser or Franchisee (that may have value). So, a nursing license would not go on Schedule B. Professional licenses would not go on this form.

      As for your "anticipated tax refund for 2015" you can list it as an asset on Schedule B, and then attempt to exempt it, using an available exemption, on Schedule C. If you don't know the amount, people typically put $1. Just make sure you have the exemptions to cover whatever amount you receive.

      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog


      I am not an attorney. Any advice provided is not legal advice.

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      • #4
        Thank both of you so much. I was totally misunderstanding the instructions on that first one...how embarrassing! I'm glad I asked, though. I hope that I won't bother you guys too much if I have some more questions down the line. Your answers really helped. Thanks again!!

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