Property and Exemption Inventory Checklist for Bankruptcy

How does the property inventory actually work?

There are two distinct steps, and confusing them is the most common mistake. First you disclose. Section 521(a)(1) of the Bankruptcy Code requires an individual debtor to file a list of creditors and, unless the court orders otherwise, a schedule of assets and liabilities, a schedule of current income and expenditures, and a statement of financial affairs. That disclosure schedule is Official Form 106A/B, Schedule A/B: Property. It asks you to describe what you own and give the current value of the portion you own — and it specifically instructs you not to deduct secured claims or exemptions when you state that value.

Second, you claim exemptions. Official Form 106C, Schedule C, is where you identify which of the property already listed on Schedule A/B you claim as exempt, and under which law. Schedule C is built from Schedule A/B — the form directs you to use the property you listed there as your source. Nothing gets exempted that was never listed.

• Step one: list it, with a value, on Schedule A/B (Official Form 106A/B).
• Step two: claim what the law allows on Schedule C (Official Form 106C), citing the specific exemption law.
• Do not net out loans or exemptions when stating value on Schedule A/B — the form asks for the gross value of your interest.

What counts as property you have to disclose?

Broadly, everything. Filing a case creates an estate comprised of all the following property, wherever located and by whomever held, including all legal or equitable interests of the debtor in property as of the commencement of the case (11 U.S.C. § 541(a)(1)). That reach is why the schedules ask about categories most people would never describe as "assets": security deposits with a landlord or utility, prepaid rent, unused deposits, negotiable instruments like money orders and personal checks, and non-publicly traded stock.

The estate also captures some things you do not have yet. Under § 541(a)(5), property you acquire or become entitled to acquire within 180 days after filing by bequest, devise, or inheritance, through a property settlement or divorce decree, or as a beneficiary of a life insurance or death benefit plan, comes into the estate as well. Claims you could bring against someone else count too: Schedule A/B asks about accidents, employment disputes, insurance claims, and rights to sue, whether or not you have filed a lawsuit or even made a demand.

• Real estate, vehicles, watercraft, and recreational vehicles — including vehicles you own that someone else drives.
• Household goods, furnishings, appliances, and personal items.
• Cash on hand, checking and savings accounts, certificates of deposit, and brokerage accounts.
• Retirement and pension accounts: IRA, 401(k), 403(b), Keogh, thrift savings, profit-sharing plans.
• Insurance policies with a surrender or refund value, and interests in living trusts or estates.
• Contingent and unliquidated claims of every nature, including counterclaims and rights of setoff.

How do you value your property for the schedules?

For exemption purposes, the Code defines value as fair market value as of the date of the filing of the petition — or, for property that becomes estate property after that date, as of the date it becomes estate property (11 U.S.C. § 522(a)(2)). That is a replacement-and-resale idea, not what you paid and not what it would cost new. A ten-year-old sofa is worth what a ten-year-old sofa sells for.

The disclosure rules are pointed about this. Section 527(a)(2)(B), which governs what a debt relief agency must tell you, states that all assets and all liabilities are required to be completely and accurately disclosed in the documents filed to commence the case, and that the replacement value of each asset as defined in section 506 must be stated where requested after reasonable inquiry to establish such value. "Reasonable inquiry" is the operative phrase. Look things up, write down what you looked at, and keep that note.

• Vehicles: record make, model, year, and approximate mileage — Schedule A/B asks for all four.
• Real property: note the type, the current value of the entire property, and the value of the portion you own.
• Keep a short written record of how you arrived at each number, in case a trustee asks.

What does federal law say about the filing itself?

Three provisions do most of the work. Section 521(a)(1) sets the duty to file the schedules and statements. Section 541 defines what falls into the estate. Section 522 governs exemptions, including the choice of exemption system: an individual debtor may exempt property listed in either § 522(b)(2) — the federal list in subsection (d) — or, in the alternative, § 522(b)(3), which covers property exempt under other federal law or under applicable state or local law. Schedule C makes you check one box or the other.

One rule catches married couples off guard. In joint cases and in cases filed by or against spouses whose estates are jointly administered, one spouse may not elect the federal list while the other elects the state list; if the parties cannot agree, they are deemed to elect the federal alternative where the jurisdiction permits it (11 U.S.C. § 522(b)(1)). Timing comes from Fed. R. Bankr. P. 1007, which sets when lists, schedules, statements, and other documents must be filed, and allows the court to extend the time on motion and for cause.

Where do state and local rules change the answer?

The federal forms are uniform; the exemption law behind Schedule C usually is not. Section 522(b)(3)(A) points to the law of the place where your domicile has been located for the 730 days immediately preceding the filing date, and, if it has not been in a single state for that period, to where it was located for the 180 days immediately preceding that 730-day period or for the longer portion of it. Some states bar their residents from using the federal list entirely, which § 522(b)(2) contemplates. Our state pages carry the verified figures; do not assume the federal amounts apply to you.

Local bankruptcy rules add their own layer. Vermont's LBR 1007-1(a), for example, requires the debtor to list all assets in which the debtor has or may have an interest, specify where each asset is located and the nature and type of ownership claimed, and attach an addendum separately describing individual items above a threshold the rule sets. Districts also differ on how payment advices reach the trustee.

• Which exemption set you may use turns on domicile history under § 522(b)(3)(A).
• Some districts require addenda describing higher-value items or business inventory and equipment.
• Check your own district's local rules and forms — see the court finder linked below.

What does this look like in practice?

Court self-help checklists describe the same task in plain terms: assemble a list of everything you own or have an ownership interest in, including real property, personal property, and community property, and determine the location and current market value of each item. Several districts pair that with a list of exempt property and the names and addresses of every co-debtor or co-signer.

A practical order of operations keeps it manageable. Walk the house room by room and photograph what is there. Pull statements rather than working from memory — courts commonly ask for bank statements covering the past six months, including accounts closed within the last year, and retirement, IRA, and pension statements covering the past twelve months. Then go through the Schedule A/B categories in order and answer each one "no" or "yes," because the form is built as a series of yes/no prompts and a blank looks like an omission. Finish with the intangibles people forget: lawsuits, refunds due, and money owed to you.

• Room by room, then vehicles, then accounts, then paper assets, then claims and refunds.
• Answer every Schedule A/B category explicitly instead of leaving it blank.
• Note where each item is physically located — some local rules require it.

What documents and information will you need?

District checklists converge on a similar gathering list. Expect to need a Social Security number or ITIN, names and addresses of all creditors, and prior bankruptcy case numbers and filing dates. On the property side, gather the past two years of tax returns, proof of all income for the past six months, bank statements for the past six months including recently closed accounts, and twelve months of statements for 401(k), IRA, and pension accounts.

You will also need the fee. The Chapter 7 filing fee is $245 (28 U.S.C. § 1930(a)(1)(A), (f)(1)), plus a $78 administrative fee and a $15 trustee surcharge (Bankruptcy Court Miscellaneous Fee Schedule, Items 8 and 9). The Chapter 13 filing fee is $235 (28 U.S.C. § 1930(a)(1)(B)) plus the same $78 administrative fee. Courts also list an application to pay the fee in installments, and for Chapter 7 an application to have the fee waived, as alternatives on the same checklists.

• Identification and case history: SSN or ITIN, prior case numbers and dates.
• Income proof: six months of income records and payment advices from any employer.
• Accounts: six months of bank statements, twelve months of retirement and pension statements.
• Debt records: recent statements for mortgages, auto loans, medical bills, taxes, judgments, and liens.
• Litigation: information on any lawsuit pending against you or that you have filed or may file.

What should you ask a lawyer about your inventory?

The inventory is where good questions pay for themselves, because the consequences of getting it wrong are not evenly distributed. Official court materials are blunt on this point: if you knowingly and fraudulently conceal assets or make a false oath or statement under penalty of perjury in connection with a bankruptcy case, you may be fined, imprisoned, or both, and the information you supply is subject to examination by the Office of the U.S. Trustee and the Department of Justice. A local attorney can also tell you how your own trustee tends to handle valuation disputes.

Bring your draft schedules to the meeting rather than a summary. Specific property produces specific advice, and the questions worth asking are almost always about a particular item — the truck with a loan on it, the inherited land, the lawsuit that has not settled.

• Which exemption system applies to me given where I have lived for the past two years?
• How should I value this specific item, and what documentation will the trustee expect?
• Does anything I own fall outside the estate under § 541(b), or is it fully exempt under § 522(b)(3)(C)?
• I have a secured debt on this item — how does the statement of intention under § 521(a)(2) interact with it?
• Is redemption under § 722 worth considering for any of my personal property?

Frequently asked questions

Do I have to list property that is worthless or nearly worthless?

Yes. The disclosure duty under 11 U.S.C. § 521(a)(1) and the reach of the estate under § 541(a)(1) do not carry a minimum-value threshold. List the item and state a low value if that is what it is genuinely worth. Deciding an item is too trivial to mention is the judgment call that most often creates problems later, and it is not yours to make.

What if I forget something after I file?

Schedules can generally be amended, and courts publish amended-schedule procedures for exactly that reason — Official Form 106Sum includes a box to check when you file amended schedules. Tell your attorney or the trustee as soon as you notice. Section 523(a)(3) treats debts that were neither listed nor scheduled differently on discharge, which is one reason completeness matters from the start.

Are my bankruptcy schedules public?

Largely, yes. Under 11 U.S.C. § 107(a), papers filed in a bankruptcy case and the court's dockets are public records open to examination without charge. Section 107(c) lets the court, for cause, protect an individual's means of identification where disclosure would create undue risk of identity theft or other unlawful injury. Your full Social Security number is handled separately and does not become part of the public case file.

Do I list a car that has a loan on it?

Yes, and you state its value without deducting the loan. Schedule A/B expressly instructs you not to deduct secured claims or exemptions from the value you report; the secured claim itself is reported on Schedule D. Separately, § 521(a)(2) requires a statement of intention for property securing a debt — whether you intend to retain or surrender it, and whether you claim it exempt, intend to redeem, or intend to reaffirm.

What about retirement accounts — do I still have to list them?

Yes, list them. Schedule A/B has a dedicated line for interests in IRA, ERISA, Keogh, 401(k), 403(b), thrift savings, and other pension or profit-sharing plans. Whether they are exempt is a separate question answered on Schedule C; 11 U.S.C. § 522(b)(3)(C) addresses retirement funds in a fund or account exempt from taxation under specified Internal Revenue Code sections.

Can my spouse and I choose different exemption systems?

No. In a joint case, and in individual cases by or against spouses whose estates are jointly administered under Rule 1015(b), one spouse may not elect the § 522(b)(2) federal list while the other elects § 522(b)(3). If you cannot agree, § 522(b)(1) deems you to have elected the federal alternative where the jurisdiction permits that election.

How soon after filing are the schedules due?

Fed. R. Bankr. P. 1007 governs the timing of lists, schedules, statements, and other documents, and the court may extend the time on motion and for cause. Local rules can add requirements on top. Court materials warn that a case may be dismissed if required information is not filed on time, so treat the deadline your court gives you as firm.

Do I list property I own jointly with someone else?

Yes. Schedule A/B asks who has an interest in each item and includes options for one debtor, both debtors, or at least one debtor and another person, plus a community-property checkbox. Section 541(a)(2) brings certain community-property interests into the estate, and § 522(b)(3)(B) addresses tenancy-by-the-entirety and joint-tenancy interests exempt from process under applicable nonbankruptcy law.

Sources

• 11 U.S.C. § 521 — Debtor's duties · official source
• 11 U.S.C. § 541 — Property of the estate · official source
• 11 U.S.C. § 522 — Exemptions · official source
• Fed. R. Bankr. P. 1007 — Lists, Schedules, Statements, and Other Documents; Time to File · official source
• 11 U.S.C. § 527 — Disclosures · official source
• 11 U.S.C. § 107 — Public access to papers · official source
• 11 U.S.C. § 523 — Exceptions to discharge · official source
• 11 U.S.C. § 722 — Redemption · official source
• Bankr. E.D. La. official guidance — Chapter 7 Form Packet
• Bankr. M.D. La. filing packet — Ch7_Vol_Petition_ Package-2026.pdf
• Bankr. N.D. Ill. official guidance — Chapter 7 - Additional Documents
• Bankr. E.D. La. official guidance — Chapter 7 eSR Checklist
• U.S. Bankr. Ct. D. Alaska, Chapter 13 Pre-filing Checklist
• U.S. Bankr. Ct. D. Alaska, The Forms Individuals and Married Couples Need to File Bankruptcy
• Bankr. E.D. La. official guidance — Chapter 13 Form Packet
• Vt. LBR 1007-1
• Bankr. S.D. Ga. official page — Filing Requirements - Chapter 11 Petition
• 28 U.S.C. § 1930(a)(1)(A), (f)(1) · official source
• 28 U.S.C. § 1930(a)(1)(B) · official source
• Bankruptcy Court Miscellaneous Fee Schedule, Item 8
• Bankruptcy Court Miscellaneous Fee Schedule, Item 9

Related

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• Filing Cost Calculator: What Bankruptcy Actually Costs to File
• The 730-Day Domicile Rule: Which State's Exemptions Apply After You Move
• How to prepare for the 341 meeting of creditors
• 401(k) and Retirement-Plan Loans in Bankruptcy