Schedule B on a Bankruptcy Petition in Chester County

Schedule B should reflect your personal property at the time the case is filed.  It is not during the time of the "interview" with the Chester Count bankruptcy lawyer, but at the time of filing.  All interests of the Chester County debtor should be listed on Schedule B except interests involving executory contracts (i.e. leases, timeshares) or unexpired leases -- these are listed on Shedule G.  

You should know that an intentional non-nondisclosure on your schedule B is grounds for the denial or revocation of a Chapter 7 discharge and is a federal criminal offense (because it is concealment of assets) punishable by up to 5 years in prison and a $500 fine.  This gets prosecuted by the U.S. Attorney General and the FBI.  

You attorney should go through with you the general property that is typically put on Schedule B.  But, you should be mindful of any unique personal property that you may own (i.e. collections, firearms, etc.).  If additional space is needed on Schedule B, a separate sheet is used.  The sheet should contain the case name, case number, and the schedule and category number attached to the last page of Schedule B.

What to List on Schedule B  

Schedule B should include all nonexempt cash, bank deposits, household or sporting goods, prepaid rent, accrued earnings, or tax refunds at the time of filing.  In the far right hand side of the page on Schedule B, you will report the estimated current replacement value of the property as of the date of filing.  This is the replacement value -- not what you paid for the item.  It does not matter if the property was given to you as a present -- you must report the replacement value.  

If you have life insurance, you must report the cash surrender value of the property or contract.  This is normally obtained by contacting your insurance provider and getting the "cash surrender value".