Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification
Is this a chapter 7?
Do you intend to keep them both by reaffirming the debt?
Yes. I have some equity in them
Do they both have a loan?
You would list them both as assets in schedule b
Okay. Not on C?
You would list the loans and put your intention to reaffirm them in your STATEMENT OF INTENTIONS
Ok. what about the equity in them?
I have about 10k in one and 5k in the other
The exemption for commercial vehicles is limited in CA
Ok. So I need not list them in C at all?
The vehicle worth 5,000 could be listed,
Under what exemption?
The second can be listed however, you may have to claim one as being a personal use vehicle.
Cal. Civ. Proc. Code § 704.060
Motor vehicles to $2,725, or $2,725 in auto insurance for loss or damages (husband and wife may not double) Cal. Civ. Proc. Code § 704.010
so on c do i check 522 B 2 or 3
In CA you cannot use the Federal exemptions, only CA
You do not check either.
Value of claimed exepmtion would be 5k? current value would be what I owe?
In CA their are two sets of exemptions, if you do not have a home which you will be using the homestead exemption you may have a significant amount of exemption left this is know as the wild card exemption
Current value is the fair market value,
I was foreclosed.
What about value of claimed exemption?
The California bankruptcy exemptions allow wild card exemptions of a total of $21825 available under Chapter 7 only. This means that if you have no homestead exemption (you do not own a house) you can use up to $21825 value of nonexempt property to be exempt. The $21825 is in addition to the amount of exemption on other assets exempt under specific exemption provision under California Code Sec. 703.
so i can list my other truck under 703? Is that the code I use?
The value of claimed exemption in your case is the full equity on both vehicles, since you can use exemption 2 and the wild card
So the specific law for the other truck is 703? And the first would be 704.060?
The wildcard exemption is $1,175 plus the unused portion of the real property exemption (total possible wildcard amount is $23,250)Code of Civil Procedure Section 703.140
The exact code is 703.140
Perfect I think I got it for the wildcard. 703.40 for the second truck and the first 704.060? Sorry to sound redundant but the trustee has me over the edge.
I would use 703.140 for both, as you have 23,250 anyway
I did that and the trustee got her panties in a tywist
I do not see why, but then you can use the motor vehicle exemption as well
I think you gave me the information I need.
So I am clear list both on schedule b and c?
Yes, you need to list the assets as property and all exempt property on C as well.
Ok. I will give it one more shot. Thanks.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).