Schedule B in bankruptcy is the personal property portion of Official Form 106A/B, the schedule every individual filing under Chapter 7, Chapter 11, or Chapter 13 uses to disclose what they own beyond real estate. The federal judiciary merged the old Schedule A (real property) and Schedule B (personal property) into a single form numbered 106A/B, but filers and attorneys still call the personal property side “Schedule B.”{1United States Courts. Schedule A/B: Property (Individuals)} Listing an asset on this form does not mean the trustee gets to take it. It means the court knows about it, so that a companion form, Schedule C, can shield as much of it as the exemption rules allow.
What the Form Actually Covers
Form 106A/B is divided into seven parts. Part 1 handles real estate. Parts 2 through 7 are the personal property side that people still refer to as Schedule B:
- Part 2 — Vehicles: cars, trucks, motorcycles, boats, trailers, and other titled vehicles.
- Part 3 — Personal and household items: furniture, appliances, clothing, electronics, collectibles, firearms, sporting equipment.
- Part 4 — Financial assets: bank accounts, investment accounts, retirement funds (401(k)s, IRAs, pensions), insurance policies, tax refunds, and education savings.
- Part 5 — Business-related property: office equipment, inventory, accounts receivable, customer lists for sole proprietors.
- Part 6 — Farm and fishing property: livestock, crops, farm equipment, fishing vessels.
- Part 7 — All other property: pending legal claims, intellectual property, trust and estate interests, and anything else that doesn’t fit above.
Each part uses numbered line items. For each line you check “No” if you don’t own that type of property, or “Yes” and fill in a description, ownership details, and current value. The structure is rigid on purpose. It walks you through every category so you’re not trying to recall your assets from memory.
What You Have to Disclose
Federal law requires you to disclose every interest you hold in property at the time of filing.{2Office of the Law Revision Counsel. 11 USC 521 – Debtors Duties} “Every interest” is as broad as it sounds. If you own it, share ownership of it, are owed it, or have a legal right to it, it goes on the form.
Household goods and personal items. Furniture, kitchen appliances, televisions, computers, clothing, jewelry, books. You don’t need to itemize every fork in a drawer, but reasonable groupings (like “living room furniture” or “kitchen appliances”) should account for anything meaningful.
Financial accounts. Every checking, savings, CD, brokerage, and money market account, with the institution name and the balance as of the filing date. Retirement accounts belong here too, even though many are protected from creditors.{3United States Courts. Official Form 106A/B Schedule A/B: Property}
Vehicles. Year, make, model, and mileage for each one. A car you’re still making payments on still goes on the form. You’re disclosing your interest in it, not claiming it’s paid off.
Tax refunds. Both refunds already received and refunds you expect for the current or prior tax year. Filers often forget this. Trustees don’t.{3United States Courts. Official Form 106A/B Schedule A/B: Property}
Legal claims. Pending lawsuits, insurance claims, workers’ compensation cases, personal injury claims, employment disputes, and even claims you have the right to file but haven’t yet. Leaving a legal claim off the schedule is one of the fastest ways to lose the right to pursue it later. Courts have barred people from recovering on claims they didn’t disclose in bankruptcy.
Intellectual property. Patents, copyrights, trademarks, trade secrets, domain names, and licensing agreements.{3United States Courts. Official Form 106A/B Schedule A/B: Property}
Cryptocurrency and Other Digital Assets
Bitcoin, Ethereum, stablecoins, NFTs, and other digital assets count as property for legal and tax purposes.{4Internal Revenue Service. Digital Assets} They have to be listed. The form has no dedicated cryptocurrency line, so most filers report digital assets under Part 4 (line 35, for financial assets not listed elsewhere) or Part 7’s catch-all for other property.
Value each holding at fair market price as of your filing date, not the price you paid and not an earlier peak. Prices move fast, so document the exchange and the timestamp you used. Take a screenshot of your balance from every wallet or exchange on the filing date. Each wallet or exchange gets its own line.
How to Value What You List
For personal property owned by an individual filing Chapter 7 or Chapter 13, the legal standard is replacement value: what a retail merchant would charge for property of the same kind, considering its current age and condition.{5Office of the Law Revision Counsel. 11 USC 506 – Determination of Secured Status} You’re not reporting what you paid, and you’re not guessing garage-sale prices. You’re estimating what a buyer would pay at a secondhand store or used-goods dealer.
For most household items, that number is surprisingly low. A couch bought new for $2,000 five years ago may have a replacement value near $200. Vehicles should be valued using standard pricing guides like Kelley Blue Book or NADA, reflecting actual mileage and condition. Bank accounts and financial assets are simpler: use the balance as of the filing date. For harder-to-pin-down assets, like a pending lawsuit or a small business interest, provide a reasonable estimate and explain your reasoning in the description field. Trustees would rather see an honest estimate than a suspiciously round number.
Each entry also asks how you own the property. Sole owner, joint owner with a spouse, joint account holder. The form asks for the full value of the asset, not just your share, so joint property goes on at its total value with a note about co-ownership.
Property You Acquire After Filing
Your disclosure duties don’t stop the day you file. Under 11 U.S.C. § 541, three specific categories of property become part of the bankruptcy estate if you acquire them (or become entitled to acquire them) within 180 days after your filing date: inheritances, life insurance or death benefit proceeds you receive as a beneficiary, and property from a divorce or separation agreement.{6Office of the Law Revision Counsel. 11 USC 541 – Property of the Estate}
If a relative dies four months after you file and leaves you $50,000, that money is part of your bankruptcy estate even though you didn’t have it on the filing date. In a Chapter 7 case, the trustee can take it to pay creditors. In a Chapter 13 case, it may raise the amount you owe under your plan. You have to file a supplemental schedule disclosing any such property, typically within 14 days of learning about it.{7Cornell Law School. Federal Rules of Bankruptcy Procedure Rule 1007}
Exemptions Are What Keep Your Property
Listing something on Schedule A/B is not surrender. After the property schedule, you file Schedule C (Official Form 106C) and claim exemptions that shield specific assets from the trustee. Federal exemptions protect a meaningful amount of personal property, and many states offer their own set that may be more generous.{8Office of the Law Revision Counsel. 11 USC 522 – Exemptions}
Under the current federal exemptions, adjusted effective April 1, 2025, you can protect:
- Motor vehicle: up to $5,025 in equity in one vehicle.
- Household goods: up to $800 per individual item, and $16,850 total, for household furnishings, appliances, clothing, books, animals, and similar items held for personal use.
- Jewelry: up to $2,125 in jewelry held for personal use.
- Wildcard: up to $1,675 in any property, plus up to $15,800 of any unused portion of your homestead exemption. This can cover cash, tax refunds, or anything else.
- Tools of the trade: up to $3,175 in tools, books, or equipment used in your profession.
- Retirement accounts: most ERISA-qualified plans (401(k)s, pensions) and IRAs are fully or substantially exempt under federal and state law.
Whether you use federal or state exemptions depends on where you live. Some states let you choose; others require their own scheme. The interplay between Schedule A/B and Schedule C is where most of the strategy in bankruptcy sits. Every dollar of property that fits within an exemption stays yours. The trustee only has authority over the non-exempt portion.{8Office of the Law Revision Counsel. 11 USC 522 – Exemptions}
Fixing Mistakes and the Cost of Hiding Anything
Mistakes happen. You may forget a bank account, undervalue something, or acquire new property after filing. Federal rules let you amend your schedules any time before the case is closed, and you must give notice to the trustee and any affected party.{9Cornell Law School. Federal Rules of Bankruptcy Procedure Rule 1009 – Amending a Voluntary Petition, List, Schedule, or Statement} Many courts charge no fee to amend Schedules A/B and C, though local rules vary. Amend early and amend voluntarily. Catching an omission yourself reads as an honest oversight. Having the trustee catch it reads as concealment.
Concealment is not a paperwork problem. Under 18 U.S.C. § 152, knowingly and fraudulently hiding assets of the bankruptcy estate, transferring property to defeat creditor claims, or withholding financial records carries up to five years in prison, a fine, or both.{10Office of the Law Revision Counsel. 18 USC 152 – Concealment of Assets; False Oaths and Claims; Bribery} The court can also deny your discharge entirely, so you would complete the entire process and still owe every dollar. The statute reaches transfers to friends or family before filing, undisclosed expected inheritances, and undervaluing assets with intent to keep them from creditors. Trustees have access to public records, banking data, and professionals who specialize in finding hidden property. The realistic upside of hiding an asset is keeping one item. The downside is losing your discharge and facing prosecution.