Consumer Bankruptcy Journal Fall 2015 - Page 78

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 31 was formerly line 9 of Schedule B Line 31 adds a new section to list the beneficiary and cash surrender value Line 32 was formerly line 20 of Schedule B Line 33 was formerly line 21 of Schedule B Line 34 was formerly line 21 of Schedule B Line 35 was formerly included in line 35 of Schedule B A line has been added to total all the entries in Part 4 © 2015 CINgroup. All Rights Reserved |