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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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Debtors are using system 1 CA exemptions: 1) what CCP provision

Resolved Question:

Debtors are using system 1 CA exemptions:
1) what CCP provision should be used to exempt a) Cash($120.) b) checking ($100.) (savings $125.00), system 1 doesn't seem to address these items.
2)and the debtors have 2 vehicles without liens, one w/ $2,300.value and the other one valued at $10,900--how can the debtors exempt the full value of the vehicles since system 1 does not allow "wildcard" exemptions bec. system 1 (704.010) only allows up to $2,300. exemption?
3)On schedule C debtors put on
"v
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 2 years ago.
Hi JACustomer,
1) The third question was cut-off. What is the third question?
2) Are the debtors using System 1 because their home has too much equity for System 2?
Customer: replied 2 years ago.

1) on schedule C, the debtors put the figure on "value of claimed exemption" the figures from deducting the current value of residence minus amount of lien, which came out to be $$52,966, is it correct to put this value in this section of schedule C?

2)Debtors' equity is $52,966, and system 2 only allows up to $22,075(703.140.(b)(1), so debtors opted to use system 1.

Customer: replied 2 years ago.
MY COMPUTER IS NOT INDICATING IF REPLY WAS SENT ALREADY. PLS. ADVISE.
Expert:  cfortunato replied 2 years ago.

Thank you for your response.

1 & 2) When debtors file a Bankrutpcy, they cannot hope or expect to keep everything. Accordingly, when using System 1, there is no exemption for bank accounts and cars worth more than the allowable exemption (currently $2725 as of June 2011).

3) Yes - the amount of equity (market value minus liens) goes on Schedule C.

 

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 3 other Bankruptcy Law Specialists are ready to help you
Customer: replied 2 years ago.

Hello Mr. Fortunato,

You indicated additional information regarding my BK question, but i'm unable to retrieve it, pls. forward--thank you

Expert:  cfortunato replied 2 years ago.

I sent you a "Thank you for accepting my answer, and thank you for the bonus!" note. Any notes that are not Answers show up as Info Requests, even though they are not Info Requests.

Customer: replied 2 years ago.
thank you, likewise

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