Bankruptcy Schedule B is the part of your bankruptcy paperwork where you list every piece of personal property you own — everything that isn’t real estate. On the current federal form, it’s no longer a standalone document. Schedule B was merged with the old Schedule A (real estate) into a single form called Official Form 106A/B, Schedule A/B: Property.1United States Courts. Official Form 106A/B Schedule A/B: Property Most lawyers and trustees still call the personal-property portion “Schedule B,” and that’s what this article covers.
What Schedule B Is and Why You Have to File It
Federal law requires every individual bankruptcy filer to submit a schedule of assets and liabilities.2Office of the Law Revision Counsel. 11 U.S. Code 521 – Debtor’s Duties Official Form 106A/B is how you satisfy that requirement for your property. Part 1 covers real estate. Part 2 covers vehicles. The remaining parts — the ones people mean when they say “Schedule B” — cover financial accounts, household belongings, and every other kind of personal property.
The bankruptcy trustee uses this form to build a complete picture of what you own. In a Chapter 7 case, that picture tells the trustee whether any of your property can be sold to pay creditors. In a Chapter 13 case, it sets the floor for what your repayment plan has to offer unsecured creditors. Either way, the trustee’s job is to catch anything missing, so completeness matters more than presentation.
What Personal Property You Have to List
The form breaks personal property into detailed categories so nothing slips through. You list every item you own or have an interest in, even if you think it’s worth almost nothing. The major categories are:1United States Courts. Official Form 106A/B Schedule A/B: Property
- Household goods and furnishings — furniture, appliances, linens, kitchenware.
- Electronics — computers, televisions, audio and video equipment, cell phones, cameras, gaming devices.
- Collectibles — antiques, artwork, stamp or coin collections, memorabilia, figurines.
- Firearms, ammunition, and related equipment.
- Jewelry, watches, and gems, including engagement and wedding rings and heirloom pieces.
- Bank accounts — checking, savings, certificates of deposit, brokerage balances.
- Security deposits and prepayments, including utility and rent deposits.
- Tax refunds you expect or are owed as of the filing date.
- Insurance interests such as life insurance policies with cash value and health savings accounts.
- Legal claims, including pending or potential lawsuits, workers’ compensation claims, and insurance claims you haven’t filed yet.
- Retirement accounts — 401(k), 403(b), IRA, pension, and similar tax-exempt funds.
- Business interests in partnerships, corporations, or LLCs.
Each item gets its own line with a brief description. For a vehicle, that means make, model, year, and mileage. Vague entries like “miscellaneous electronics” invite follow-up questions from the trustee and slow the case down. You also have to note the physical location of anything not kept at your primary address.
List retirement accounts even though they’re almost always fully protected. Leaving them off can look like you’re hiding assets, and the trustee will find them anyway through tax records.
How to Value Each Item
The Bankruptcy Code sets the valuation standard: replacement value, meaning the price a retail merchant would charge for an item of similar kind, age, and condition on the date you file.3Office of the Law Revision Counsel. 11 USC 506 – Determination of Secured Status That is not what you paid for the item, not what you’d get at a garage sale, and not the insurance replacement cost. It’s closer to what a thrift store or used-goods retailer would charge for something comparable.
For most household goods and clothing, replacement value is quite low. A five-year-old couch that cost $1,200 new might have a replacement value of $100 to $200. Vehicles are easier: standard pricing guides give values based on make, model, year, mileage, and condition. Jewelry, artwork, and collectibles are harder. If the trustee disagrees with your stated value on a high-value item, you may be asked to get a professional appraisal, and the trustee can even visit your home to inspect property. Prices from auction sites for comparable items are a reasonable starting point for ordinary belongings. For anything worth several thousand dollars, an appraisal from a jeweler or auction house carries more weight.
Does Listing Something Mean You Lose It?
No. Listing an asset on Schedule B is not the same as giving it up. After you fill out Schedule B, you fill out Schedule C, where you claim exemptions — legal protections that shield specific types and amounts of property. Every item you want to keep has to appear on both: listed on Schedule B with its value, and claimed as exempt on Schedule C under the law that protects it.
The federal exemption system, which is available in some states, includes specific dollar limits for common categories. Under the figures effective April 1, 2025:4Office of the Law Revision Counsel. 11 USC 522 – Exemptions
- Household goods: up to $800 per individual item and $16,850 total across household goods, furnishings, clothing, appliances, books, animals, and musical instruments.
- Tools of the trade: up to $3,175 in work-related tools, books, and equipment.
- Wildcard: $1,675 in any property, plus up to $15,800 of any unused portion of the homestead exemption, for as much as $17,475 you can apply to an asset that doesn’t fit another category.
Retirement funds in tax-qualified accounts — 401(k), 403(b), traditional and Roth IRAs, pensions, and 457 plans — are exempt under both the federal and state tracks.4Office of the Law Revision Counsel. 11 USC 522 – Exemptions For employer-sponsored plans, the exemption is unlimited. For traditional and Roth IRAs (not counting rollover amounts from employer plans), the cap is $1,711,975 as of April 2025.
Many states have their own exemption systems, and some states require you to use the state system rather than the federal one. Which exemptions are available to you depends on where you have lived during the two years before filing. The federal figures above are a reference point, not a nationwide rule.
When Schedule B Is Due and How to Fix Mistakes
In a voluntary case, you file Schedule A/B with your petition or within 14 days after the petition is filed.5Legal Information Institute. Federal Rule of Bankruptcy Procedure 1007 – Lists, Schedules, Statements, and Other Documents; Time to File Miss that deadline without a court-approved extension and the court can dismiss your case.2Office of the Law Revision Counsel. 11 U.S. Code 521 – Debtor’s Duties
You can ask for an extension before the 14 days run out. Once the deadline has passed, you need to show “excusable neglect” — a higher bar that requires explaining why you couldn’t comply on time.6Legal Information Institute. Federal Rule of Bankruptcy Procedure 9006 – Computing and Extending Time; Motions
Found an error or forgot an asset after filing? File an amended schedule. The court charges a $34 fee for amendments to schedules of creditors or mailing lists, and a judge can waive it for good cause.7United States Courts. Bankruptcy Court Miscellaneous Fee Schedule Amending on your own to correct an honest mistake is much better than having the trustee catch the discrepancy at your meeting of creditors.
What Happens If You Leave Something Off
The trustee compares your schedules against tax returns, bank records, and other financial documents. If something looks missing, the trustee will question you under oath at the meeting of creditors. Deliberate concealment has serious consequences.
A court can deny your discharge — the order that wipes out your debts — if you intentionally hid, destroyed, or transferred property within one year before filing, or after filing, with the intent to keep it from creditors.8Office of the Law Revision Counsel. 11 U.S. Code 727 – Discharge Losing your discharge means you went through the entire bankruptcy process, possibly surrendered property, and still owe all your debts.
Concealing assets or lying under oath in a bankruptcy case is also a federal crime, punishable by up to five years in prison and fines.9Office of the Law Revision Counsel. 18 U.S. Code 152 – Concealment of Assets; False Oaths and Claims; Bribery Even low-value items you think aren’t worth mentioning belong on the schedule. Something worth $20 that’s properly listed and covered by an exemption costs you nothing. The same item, omitted, can cost you your discharge.