Real and personal property categories, valuation methodology, ownership-interest reporting, encumbrance disclosure, contingent and future interests, digital-asset omissions, and the mechanics of amendment under Bankruptcy Rule 1009.
Schedule A/B, captioned Property on Official Form 106A/B, is the comprehensive inventory every individual debtor must file under 11 U.S.C. Section 521(a)(1)(B)(i) and Federal Rule of Bankruptcy Procedure 1007. It is the single most consequential schedule in a consumer case because nearly every downstream determination - what is exempt, what enters the estate under Section 541, whether a trustee will administer assets, whether the case is no-asset, and whether the debtor's discharge is at risk under Section 727(a)(4) for a false oath - depends on what was, and was not, disclosed on it.
The 2015 form redesign combined the previously separate Schedules A (real property) and B (personal property) into a single Form 106A/B with eleven enumerated parts and seventy-three numbered lines. The combination did not relax the disclosure obligation. A debtor must list every legal, equitable, and beneficial interest in property as of the petition date, regardless of value, regardless of exempt status, and regardless of whether the debtor believes the interest is recoverable.
Part 1 captures every interest in real property: sole ownership, joint tenancy, tenancy in common, tenancy by the entirety, life estates, remainder interests, time-shares, leasehold interests, easements, mineral and royalty interests, and beneficial interests in trusts that hold real property. The form asks for the address, the nature of the debtor's interest, the value of the entire property (not the debtor's fractional share), and the portion the debtor owns. The encumbrance amount is reported in Schedule D, not here; Part 1 reports gross value.
Valuation is reported at current value - the price the property would fetch in a sale between a willing buyer and willing seller at the petition date. The Supreme Court's holding in Associates Commercial Corp. v. Rash, 520 U.S. 953 (1997), set the replacement-value standard for retained collateral in Chapter 13; for Schedule A/B disclosure purposes, courts generally accept fair-market value supported by a recent appraisal, a comparative market analysis, county-assessor records, or an online automated valuation. The debtor is not required to commission a formal appraisal, but the value reported must reflect a good-faith estimate; understated values are a recurrent source of trustee scrutiny and Section 727 litigation.
Part 2 lists cars, vans, trucks, tractors, sport-utility vehicles, motorcycles, watercraft, aircraft, motor homes, ATVs, and other motorized assets. Each entry requires year, make, model, mileage, and current value. The standard valuation source is a recognized used-vehicle pricing guide adjusted for condition; Rash-style replacement value applies if retention is contemplated and the vehicle is collateralized. Lien information is reserved for Schedule D; Part 2 reports gross value.
Part 3 captures household goods, electronics, collectibles, equipment for sports and hobbies, firearms, clothing, jewelry, and other articles of personal use. The form permits aggregation by category but the debtor must separately itemize any single item worth more than the threshold listed on the form ($725 historically; the form text controls). Sentimental valuation is irrelevant; the test is liquidation value or replacement value, not historical cost or insured value. Heirlooms, family memorabilia, and inherited items are property of the estate and must be listed even when the debtor regards them as having no realizable value.
Part 4 is among the most error-prone sections. It covers cash on hand; checking, savings, money-market, brokerage, and certificate-of-deposit accounts; bonds; mutual funds; publicly and non-publicly traded stocks; non-publicly traded business interests; government and corporate bonds; retirement and pension accounts; security deposits and prepayments; annuities; education accounts (529 and Coverdell, which receive special treatment under Section 541(b)(5) and (6) depending on contribution timing); trusts in which the debtor has a beneficial interest; and other contracts and intangible rights.
Two categories merit particular care. First, tax refunds: any refund owed for the most recently completed tax year - and any pro-rata refund attributable to pre-petition months in the current tax year - is an asset of the estate and must be listed even if not yet filed for. Second, health savings accounts and flexible spending accounts: these are property of the estate notwithstanding the debtor's beneficial use of them for ongoing medical expenses.
Closely-held LLC interests, partnership interests, sole-proprietorship goodwill, accounts receivable, customer lists, trade names, trademarks, copyrights, patents, licenses, franchise rights, and royalty streams must all be disclosed. Valuation of non-publicly-traded equity is notoriously difficult; debtors should disclose the methodology used (book value, net asset value, capitalized earnings, recent transaction) rather than entering "unknown" alone. An entry of "unknown" for a category the debtor clearly has should be accompanied by an explanation; bare "unknown" entries invite Rule 2004 examination.
Part 9 - Claims and other contingent and unliquidated claims of every nature - captures the asset class most frequently omitted in pro se filings: legal claims the debtor holds against third parties. Personal-injury claims, employment-discrimination claims, breach-of-contract claims, fraud claims, professional-malpractice claims, insurance claims, warranty claims, refund and rebate claims, tax-refund claims (if not listed above), and any inchoate cause of action accrued as of the petition date are property of the estate and must be disclosed.
Failure to disclose a pre-petition claim has two distinct consequences. First, under the doctrine of judicial estoppel applied in numerous circuits, a debtor who fails to schedule a claim may be barred from prosecuting it post-discharge, transferring the asset's value to the defendant. Second, an undisclosed claim that is later discovered may support revocation of discharge under Section 727(d) or denial of discharge under Section 727(a)(4)(A) for a knowingly false oath. Disclosure obligations under Burnes v. Pemco Aeroplex, Inc., 291 F.3d 1282 (11th Cir. 2002), and successor authority are exacting.
Future interests, remainder interests, expectancies, inheritances, life-insurance proceeds the debtor is named to receive, and any other interest the debtor expects to acquire are all reportable to the extent they are property of the estate under Section 541(a)(5), which extends the estate to interests in property the debtor acquires within 180 days post-petition by bequest, devise, inheritance, property settlement with a spouse, or as a beneficiary of a life-insurance policy or death benefit. The 180-day window is statutory and not subject to good-faith ignorance; a debtor who learns of an inheritance entitlement within the window must amend Schedule A/B and file the supplemental Section 541(a)(5) disclosure even if the debtor was unaware of the decedent's death at filing.
Cryptocurrency holdings, NFT inventories, domain-name portfolios, online-marketplace seller accounts with positive balances, social-media accounts with monetizable followings, in-game-currency balances, subscription credit balances, airline and hotel loyalty points, gift-card balances, and customer-loyalty rewards are all property interests and all reportable on Part 4 or Part 11 (other property not yet listed). Cryptocurrency disclosure should identify wallet addresses, holding counts, and a petition-date USD valuation; private-key custody does not exempt the asset from disclosure. The form has no dedicated digital-asset line, which encourages omission; that omission does not cure the disclosure obligation.
The Supreme Court's decision in Schwab v. Reilly, 560 U.S. 770 (2010), instructs that a debtor who claims an exemption in a dollar-specified amount has claimed only that amount, not the entire asset; the trustee retains the right to sell the asset and recover value above the claimed exemption amount unless the debtor has separately invoked the exemption-in-kind procedure. The valuation reported on Schedule A/B becomes the operative figure for that calculation. An understated value, paired with a properly limited exemption claim on Schedule C, will not insulate excess value from administration once the trustee inspects.
Federal Rule of Bankruptcy Procedure 1009(a) permits a debtor to amend a voluntary petition, list, schedule, or statement as a matter of course at any time before the case is closed. The amendment is filed on the appropriate form, is captioned "Amended," is served on the trustee and any creditor or party affected, and is signed under penalty of perjury. The right is broad but not absolute; courts have denied amendment in cases of bad faith, prejudice to creditors, or concealment under Doan v. Hudgins, 672 F.2d 831 (11th Cir. 1982), and its progeny.
An amendment that adds a previously omitted asset does not retroactively cure a false oath. The trustee, the United States Trustee, and any creditor retain standing to pursue Section 727 denial of discharge on the original schedule, and a post-petition amendment is properly characterized as evidence of the omission, not a defense to it. The proper sequence is voluntary, timely disclosure followed by amendment when new information surfaces; concealment followed by amendment after discovery is a different posture entirely.
Schedule A/B is a disclosure document, not a valuation negotiation. The disclosure obligation is exhaustive, the valuation standard is good-faith fair-market value, the consequences of omission run from judicial estoppel to denial of discharge, and the right of amendment under Rule 1009 is procedural rather than corrective. The cheapest hour spent in a case is the hour spent making the schedule complete the first time.
This page provides general information about Official Form 106A/B and the property-disclosure obligations of individual debtors. It does not constitute legal advice. Specific property-classification, valuation, and disclosure decisions should be evaluated by qualified counsel.
Last modified: 2026-05-22