Consumer Bankruptcy Journal Fall 2015 - Page 76

Form Modernization Overview Official Form 106A/B Overview: Official Form 106A/B, Schedule A/B: Property replaces Official Form 6A, Real Property and Official Form 6b, Personal Property in cases of individual debtors. New Form Elements: Part 4, Describe Your Financial Assets, is designed to allow the debtor to list information pertaining to specific financial accounts on designated line numbers. Two new categories of financial assets are added: “Bonds, mutual funds, or publicly traded stocks” and “Claims against third parties, whether or not you have filed a lawsuit or made a demand for payment.” In addition, qualified ABLE accounts, as defined in 26 U.S.C. § 529A(b), are added to the list of accounts in question 24. This change is made in response to the Tax Increase Prevention Act of 2014, Pub. Law No. 113-295, which excludes ABLE account contributions meeting the specified requirements from property of the estate. Line 20 was formerly line 15 of Schedule B Line 21 was formerly line 12 of Schedule B Line 21 has added subsections to enter specific account details regarding retirement or pension accounts Line 22 was formerly line 3 of Schedule B Line 21 has added subsections to enter security deposits and prepayment details. Line 23 was formerly line 10 of Schedule B © 2015 CINgroup. All Rights Reserved | CINgroup.com