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How would you handle this B 106A/B (Schedule A/B: Property (individuals) Synopsis?

CrystalCrystal Posts: 30
edited October 2019 in Jubilee
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The B 106A/B (Schedule A/B: Property (individuals) Synopsis

This bankruptcy case includes Debtor 1 and a non-filing spouse. The non-filing spouse has a truck title in his name only, but they live in a community property state. Form B 106A/B asks about the interest in the property. If Debtor 1 has an interest due to community property, and since there is a non-filing spouse, which of the following would you select and why?

Question 3.1 on B 106A/B

Who has an interest in the property?
___ Debtor 1 only
___ Debtor 2 only
___ Debtor 1 and Debtor 2 only
___ At least one of the debtors and another

___ Check if this is community property (see instructions)

Comments

  • Title only creates a presumption of ownership in California. Some tracing analysis is necessary to properly answer Question 3.1. If the non-filing spouse acquired the truck before marriage, it could be separate property only. However, in the same scenario, if they had a car loan during the marriage, then it would be part community/part SP. If it was acquired after marriage, it would likely be community property - unless paid for by a SP source only such as inheritance. So, more background facts would be necessary to properly categorize the asset. It would just depend on the circumstances.
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