Consumer Bankruptcy Journal Fall 2015 - Page 82

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. NEW - Modernized Form Caption NEW – Amended checkbox REVISED - Official Form 106C, Schedule C: The Property You Claim as Exempt, replaces Official Form 6C, Property Claimed as Exempt, in cases of individual debtors. REVISED – The exemption election checkboxes have changed locations. REVISED – The current value of the property is now listed in column 2. Value was previously column 4 of Schedule C. NEW – 106C now asks you to include the line number from 106A/B that lists the specific piece of property being referenced NEW – A new checkbox has been added to column 3 to indicate that the debtor is taking 100% of fair market value REVISED – Column 4 was previously column 2 on Schedule C © 2015 CINgroup. All Rights Reserved | CINgroup.com