Feature
Assets should be entered as they appear on the Debtor’s Schedules, followed by any amended and unscheduled assets. Trustee Suite automatically handles the Interest Asset assigned to track the interest accrued in the case.
Enter an Asset
- Click on the ‘Assets’ tab on the Form Selection toolbar on the far left side of the screen. Click on the ‘New Asset’ button at the bottom of the box in the bottom far left corner of the Assets screen, which invokes the screen shown below. Trustee Suite will automatically assign the asset number (18 in this case).
- Choose an asset description from the drop-down menu, or type in a new description.
Asset Values
In the box titled Asset Values (in the upper left corner of the screen), there are 12 fields:
- Petition/Unscheduled – Enter the value listed on the Petition, or check ‘Unscheduled’ if not originally scheduled. Checking ‘Unscheduled’ displays the asset with a (u) for Form 1 requirements. To the right of this field is an ‘Unknown’ checkbox if this information is unknown.
- Original Trustee – Enter asset value as determined by the trustee. To the right of this field is an ‘Unknown’ checkbox if this information is unknown.
- Exemptions – Enter the allowed exemption for this asset.
- Liens – Enter any lien against the asset.
- Other Costs – Enter any additional costs reducing the value of the asset to the estate.
- Estimated Net – This field represents the net value to the estate after exemptions, liens and other costs. This value appears on Form 1 in column 3.
- Current Trustee – This field provides the basis for calculating the remaining value.
- Sales Received – This field displays total deposits linked to assets. Click the link to view actual transactions linked to the asset.
- System Adjustment – This field is for system adjustment for fully administered/abandoned assets.
- Gross Remaining – This value appears on Form 1, Column 6.
- Value to Estate – This field reflects the current Value less exemptions, liens and other costs.
- Net Remaining – This field displays the Gross Remaining Value less exemptions, liens and other costs.
Additional Fields
Beneath the Asset Values box, additional fields include:
- Category – Choose the proper UTC code from the drop-down list.
- Date Added – This is the date the asset was added.
- Appraised – Check this box if the asset had been formally appraised.
- Insured – Select the status of the asset’s insurance, and designate which party carried the insurance.
- Amount – Enter the amount of the insurance coverage for the asset.
- Fully Administered – This box is checked if the asset has either been liquidated or abandoned and the trustee has completed asset review.
- OA (Ordered Abandoned) – This asset is being abandoned per order approved in the case.
- DA (Deemed Abandoned) – This asset is being abandoned by the trustee.
- Unscheduled – Check this box if the asset does not appear on the original set of schedules.
- Reserved – Check this box to display the asset as reserved in section 3 in the TFR.
- Asset Memo – Notes entered in this field will appear beneath the asset description (if the Print on Form 1 box is checked).
- Print on Form 1 – Select this checkbox if you want to print the memo on form 1.
- Form 1 Memo – Notes entered in this field will appear at the end of Form 1.
When the form is completed, click on the ‘Save’ button or ‘Cancel’ button, as appropriate.
Additional Options
- Show Doc: This option displays a document or website address. The document or web link can be set by clicking on the
button next to the ‘Show Doc.’ button. The selected option will appear in a split-screen format. Once in split-screen mode, a ‘Close Doc’ button appears. Click on this button to exit split-screen mode.
- Power Edit: Check the ‘Power Edit’ checkbox. This option changes the asset screen so users can mass update assets within the grid. Using the tab or arrow keys, you can move quickly through the fields and update the asset fields. Uncheck ‘Power Edit’ to return to the Asset Details screen (shown above).