Consumer Bankruptcy Journal Fall 2015 - Page 81

Form Modernization Overview Official Form 106C Overview: Official Form 106C, Schedule C: The Property You Claim as Exempt, replaces Official Form 6C, Property Claimed as Exempt, in cases of individual debtors. New Form Elements: Part 1, Identify the Property You Claim as Exempt, has added some new form elements, such as line number references to Schedule A/B. Additionally, a checkbox is added to indicate whether the debtor is exempting 100% of the fair market value of property, up to any applicable statutory limit. Changed Locations: Several form elements have changed location from Official Form Schedule C, and columns have been reordered. For example, the checkbox to indicate whether the debtor is exempting a homestead that exceeds the cap established by 11 U.S.C. § 522(p) is moved from the top of the schedule to the bottom and receives its own line number. REVISED – The checkbox asking if the debtor is taking a homestead exemption over $155,675 has moved from below the form title of Schedule C to the top of the schedule in Part 1. NEW – A new checkbox has been added asking about the length of ownership of property that is being exempted over $155,675 NEW – Part 2 replaces the need for continuation sheets attached to Schedule C. You can list in Part 2 any additional exemptions that exceed the space provided in Part 1. © 2015 CINgroup. All Rights Reserved | CINgroup.com