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Detailed Property Inventory List with Schedule A/B

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    Detailed Property Inventory List with Schedule A/B

    In many filings in Schedule A/B Property, i find property described very generically. For example it may say 'clothing' or 'computer, printer, fax machine' and then they assigned an exempt value.

    I suppose this is due to the lack of space to write in more detail. I further researched, and found in the Federal Bankruptcy Form For Individuals (p.18)
    • "Where you list similar items of minimal value (such as clothing), add the value of the items and report a total."
    • "Be specific when you describe each item. If you have an item that you think could fit into more than one category, select the most suitable category and list the item there."
    • "Separately describe and list individual items worth more than $500."
    So, if i do indeed have items in line 7 'Electronics' that I want to describe separately and items over $500, how is that done in a filing? Is there an official Inventory List? Or should i make one, notarize it before filing the schedule, and make reference to it? Or do i file it as a misc paper with the clerk?

    Basically, i want a way to specify my higher value items so that no one can later come and dispute the value of an item/exemption since a generic description of 'computer' can mean anything to anyone.

    Edit: Further thinking here, maybe best to go with protocols used with renter's insurance... an inventory list with detailed manufacture info, detailed photographs, appraisals via ebay 'completed sold items' as close to date of filing, and professional appraisals for any high value items. Then i can notarize or witness it somehow.
    Last edited by bornfree2; 02-19-2022, 07:39 AM.

    Do you have a guidebook such as Nolo's How To guidebooks? We can't give you legal advice on the forum and can't go through every nuance of each district.

    Suffice it to say, for this post, that everyone uses generic categories. Such as "household furniture", "all other household goods (e.g. kitchen stuff)", "household electronics", "clothing", and maybe a "media" category. If something is over $200 individually, I will usually list that separately (e.g. "55in. Samsung TV (2013)").
    • there is no inventory list
    • everyone I know use general categories
    • you do not need to notarize anything! (your filing is under penalty of perjury)
    • most people use yard sale (fire sale) prices for personal property
    • don't overthink this
    • if the trustee does not like your valuations, they'll send an appraiser to inspect
    • the biggest key is being honest about what you have

    Finally, you need to get one of the guidebooks. This is covered in the guidebooks. They guide you through these areas and how to complete the forms.

    I will repeat that for a Chapter 7 No Asset case, you are overthinking this too much.
    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

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.


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