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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16301
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I have 2 trucks which I use for business that are not paid

Customer Question

I have 2 trucks which I use for business that are not paid for. What schedules do I list them on and which exemption number should I use?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 3 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

Is this a chapter 7?

Customer:

Yes

WALLSTREETESQ :

Do you intend to keep them both by reaffirming the debt?

Customer:

Yes. I have some equity in them

WALLSTREETESQ :

Do they both have a loan?

Customer:

yes

WALLSTREETESQ :

You would list them both as assets in schedule b

Customer:

Okay. Not on C?

WALLSTREETESQ :

You would list the loans and put your intention to reaffirm them in your STATEMENT OF INTENTIONS

Customer:

Ok. what about the equity in them?

Customer:

I have about 10k in one and 5k in the other

WALLSTREETESQ :

The exemption for commercial vehicles is limited in CA

Customer:

To?

WALLSTREETESQ :

  • Commercial vehicle (Vehicle Code § 260) to $4,850 ($9,700 total if used by both spouses in same occupation)
    Cal. Civ. Proc. Code � 704.060

  • Tools, implements, materials, instruments, uniforms, books, furnishings, & equipment to $7,175 total ($14,350 total if used by both spouses in same occupation);
    Commercial motor vehicle to $4,850 ($9,700 if used by debtor and spouse in same trade)
    Cal. Civ. Proc. Code § 704.060

Customer:

Ok. So I need not list them in C at all?

WALLSTREETESQ :

The vehicle worth 5,000 could be listed,

Customer:

Under what exemption?

WALLSTREETESQ :

The second can be listed however, you may have to claim one as being a personal use vehicle.

Customer:

ok.

WALLSTREETESQ :

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

Customer:

so on c do i check 522 B 2 or 3

WALLSTREETESQ :

In CA you cannot use the Federal exemptions, only CA

WALLSTREETESQ :

You do not check either.

Customer:

ok

Customer:

Value of claimed exepmtion would be 5k? current value would be what I owe?

WALLSTREETESQ :

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

WALLSTREETESQ :

Current value is the fair market value,

Customer:

I was foreclosed.

Customer:

What about value of claimed exemption?

WALLSTREETESQ :

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.

Customer:

so i can list my other truck under 703? Is that the code I use?

WALLSTREETESQ :

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

WALLSTREETESQ :

Yes.

Customer:

So the specific law for the other truck is 703? And the first would be 704.060?

WALLSTREETESQ :

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

WALLSTREETESQ :

The exact code is 703.140

Customer:

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.

WALLSTREETESQ :

I would use 703.140 for both, as you have 23,250 anyway

Customer:

I did that and the trustee got her panties in a tywist

WALLSTREETESQ :

California System 2 Exemptions


WALLSTREETESQ :

I do not see why, but then you can use the motor vehicle exemption as well

Customer:

I think you gave me the information I need.

Customer:

the 704.060

Customer:

So I am clear list both on schedule b and c?

WALLSTREETESQ :

Yes, you need to list the assets as property and all exempt property on C as well.

Customer:

Ok. I will give it one more shot. Thanks.

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16301
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 4 other Bankruptcy Law Specialists are ready to help you

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WALLSTREETESQ
WALLSTREETESQ
Bankruptcy Lawyer
16301 Satisfied Customers
14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS