Client Review
Before signing the schedules, make sure the Debtor has actually read the version you are filing with the Court. If the Debtor is not familiar with the schedules the case may be continued, dismissed or other appropriate action.
Attorney Review
Before signing the schedules, make sure the Attorney has actually read the version you are filing with the Court. If the Attorney is not familiar with the schedules the case may be continued, dismissed or other appropriate action. If an error is discovered, amend the schedules immediately. The schedules need to be accurate, complete, and correct when I conduct the 341 Meeting. I do not request amendments. I require accurate, complete and correct schedules. Amendments filed less than 7 days prior to the 341 Meeting may result in a continuance so I have adequate time to review.
Asset Description/Value
The description of all assets should be sufficient so I can ascertain value. For major items I need to know the year, make and model. If all the jewelry is costume jewelry bought at Walmart, so state. If the car does not run, tell me why, not just that it does not run. When appropriate tell me the method of valuation. I can look up assets on Ebay, Craigslist, NADA, KBB, etc. I expect you or the Debtor to do the same. Be careful with your categories, especially on Schedule "B". "Household goods" does not include electronics, cars, jewelry, clothing,tools, collections, equipment, etc.
Just listing "household goods", or any other category on the schedules, is also not acceptable. I need to know the number of bedrooms, major pieces of furniture, appliances, etc. Repeating the category on Schedule "B" as the description gives me no information as to the value of assets.
Financial Accounts
Bank account balances should be accurate as of the day of filing. With electronic banking, this should be easy. Debit card accounts, Paypal accounts, etc. are considered financial (bank) accounts and should be included on Schedule "B17" and in DocLink.
Debtors do not have the right to sell assets until they are abandoned. Make sure your clients are aware that they do not have the right to sell until the asset is abandoned from the Estate.