How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37864
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
Type Your Bankruptcy Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

I filed a Chapter 7 bankruptcy on my own behalf in SC on Jan

This answer was rated:

I filed a Chapter 7 bankruptcy on my own behalf in SC on Jan. 25th of this year. All my forms look good, however, I misinterpreted Schedule C and must submit it to the clerk on Feb. 8th. Will you help me list three secured properties correctly on Schedule C? I can handle the rest. I wish to follow through on all three loans after my Ch. 7. I'm using the Fed. exemptions. Thank you.

1) Own a home in MI. Owe $183 K on mortgage; worth less than that. A couple is buying it from me on a land contract; currently resides there. On Schedule A, I listed the "current value of debtor's interest in property" as $165,000 (about what it's worth today) and the "amount of secured claim" as $183,000. Did I submit these numbers correctly?
2) Auto Loan #1 is a 2001 Ford Taurus. I owe $4595 on the loan and it's worth about $2000. As part of a divorce judgment in 2007, I must pay off this loan for my ex-wife.
3) Auto Loan #3 is a 2009 Ford Focus (my car). I owe $13,924 (worth $14,030).

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.


Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.

Edited by socrateaser on 2/5/2010 at 10:46 PM EST
socrateaser and other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.

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.

Value of claimed exemption is $3,225. Value of property without deducion exemption is your allegation of fair market value.