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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2602
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I am filing for chapter 7 and I am trying to link my property

Customer Question

I am filing for chapter 7 and I am trying to link my property to Schedule C
1. if it holds a mortgage does it still need to be on schedule C as well as Schedule D
2. To file a mortgage as exempt do I file under the Exemptions (Homestead or Burial Plots) or somewhere else
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.
Hi JACustomer,
1) Is the balance of the mortgage more or less than the current market value of the home? If the balance is less, how much less is it?
2) Exemptions apply to real property and personal property only, not to mortgages or loans. Did you mean to ask how to file your home as exempt?
Customer: replied 5 years ago.

The balance of the mortgage is less than the current market value.

Yes I would like to know how to file my home as exempt

Expert:  cfortunato replied 5 years ago.

1) Are you using System 1 or System 2 exemptions?

2) What is the current market value of your home?

3) What is the balance of the mortgage?

4) Have you lived continuously in California for the past 2 years?

5) How many are in your household?

Customer: replied 5 years ago.

1) I am using Bestcase Bankruptcy Software

 

2) $220,000

 

3) $121,000

 

4) yes

 

5) 1

 

Expert:  cfortunato replied 5 years ago.

Your house has more equity than most. The applicable homestead exemption depends on the debtor's age, income, and whether or not they are disabled.

1) How old are you?

2) What is your gross annual income?

3) Do you have a disability such that you cannot work?

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