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Schedule C lists property for which you claim an exemption under either State or federal law. The only exemption generally applicable to real property is the homestead exemption, which is $20,200 under the federal list. But, there's no reason to list a home as exempt, if the mortgage exceeds fair value, because there's nothing to exempt.
The motor vehicle exemption is $3,225. 11 U.S.C. Sec. 522(d)(2). Once again, if you owe more than the vehicle is worth, then there's no reason to list it as exempt, because there's nothing to exempt.
From your facts, the only property to list as exempt is vehicle #3.
Hope this helps.
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Thank you. This was the advice I was looking for. I apologize for not assuming, but based on some sample, Schedule C I've looked at online is not always the value of the allowed exemption. On Schedule C, what amount do I state for "Value of Claimed Exemption" for Vehicle 3 and what amount for "Value of Property without Deducting Exemption." Again, I just want to make absolutely sure I put the right numbers here. Thank you.
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