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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34403
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I filed a Chapter 7 bankruptcy on my own behalf in SC on Jan

Customer Question

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).
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 4 years ago.

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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Edited by socrateaser on 2/5/2010 at 10:46 PM EST
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34403
Experience: Attorney and Real Estate Broker -- Retired (mostly)
socrateaser and other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 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.

Expert:  socrateaser replied 4 years ago.
Value of claimed exemption is $3,225. Value of property without deducion exemption is your allegation of fair market value.

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