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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.
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