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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16114
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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On Schedule C Value of claimed exemption. I have a truck which

Resolved Question:

On Schedule C Value of claimed exemption. I have a truck which is worth 30K. I owe 20K what amount do I put in the Value of claimed exemption column? Also what amount do I put in the current value without exemption?
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

Customer:

ok

Customer:

I know you just helped with this. I just want to make sure I get this right. I've been back to court 3 times

WALLSTREETESQ :

You should use an online petiton preparer service they charge $200 or less, but I will help you on this

WALLSTREETESQ :

On schedule C,

Customer:

thanks this seems to be the only problem.

WALLSTREETESQ :

Let me provide you a sample

Customer:

ok

WALLSTREETESQ :

The amount of equity being claimed as exempt would be placed in the value of exemption area. Here is a link to the instructions:

http://www.uscourts.gov/bkforms/official/b6c-inst.pdf

Customer:

Okay and the current value would be the 30k its worth?

WALLSTREETESQ :

Column 3 Value of Claimed Exemption.


 


 


Here, claim the full exemption amount allowed, up to the value of the item.

Bankruptcy law allows married couples to double all exemptions unless the state expressly prohibits it. That means that each of you can claim the entire amount of each exemption, if you are both filing. If your state’s chart in Appendix A of your online book doesn’t say your state forbids doubling, go ahead and double. You are entitled to double all federal exemptions, if you use them.

WALLSTREETESQ :

Column 4 -Current Value of Property Without Deducting Exemption


 


Enter the current value of the item you are claiming as exempt. For most items, this information is listed on Schedules A and B.

Customer:

So in my case it would be 10k for each column.

Customer:

I will read the link.

WALLSTREETESQ :

the current value would be 30,000

WALLSTREETESQ :

The exemption value, is how much you want to claim as part of the CA exemption

WALLSTREETESQ :

so if you will be claiming 10,000 for each that is fine

WALLSTREETESQ :

Let me correct something,

WALLSTREETESQ :

On the top, you can check,

WALLSTREETESQ :

522(b)(2)" for state bankruptcy.

WALLSTREETESQ :

Their is a sample above,

WALLSTREETESQ :

The second box needs to be checked, 522(B)(3) NOT (2)

WALLSTREETESQ :

THE LINK ABOVE IS A CALIFORNIA SAMPLE SCHEDULE C, IT HAS ALL THE EXEMPTIONS AND YOU SHOULD USE IT FOR YOUR CASE.

Customer:

thanks so much.

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16114
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you

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