Consumer Bankruptcy Journal Fall 2015 - Page 77

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 24 was formerly line 11 of Schedule B Qualified ABLE accounts, as defined in 26 U.S.C. § 529A(b), are added to the list of accounts in line 24 Line 25 was formerly line 19 of Schedule B Line 26 was formerly line 22 of Schedule B Line 27 was formerly line 23 of Schedule B Line 28 was formerly line 18 of Schedule B Line 29 is largely a new section, but there are certain components of former line 17 of Schedule B Line 30 is largely a new section, but there are certain components from former line 18 of Schedule B © 2015 CINgroup. All Rights Reserved | CINgroup.com