This will depend on if there is any equity in your home? what is the value of the home in todays market and how much do you owe on it?
same thing with your car
i owe 514,000 AND APPROX MARKET VALUE IS 485,000 I HAVE 2 VEHICLES...2005 gmc sierra truck worth about 4500.00 paid in full....also i have a 2006 gmc envoy which my wife uses for her md appointments. worth about 4000.00 high miles. also paid in full
Give me a minute to pull up your state exemption choices
Since you do not have any equity in your home the federal options should be better to cover your assets, do you have a copy of the two different exemption lists federal vs state?
no i don't know anything about it
which one is the federal option
Okay this is very important because it protects your property, are you using any resource to prepare your bankruptcy?
522b2 is the federal exemptions
do i list both vehicles
on schedule c you only list the property that you need to exempt, so if the home is upside down there is no equity to protect or exempt so you do not list it, you do list the cars and apply the proper exemptions.
the federal also gives you a wild card exemption that can be used.
Can I recommend a great book to help you get through this?
yes except we have to go to court in the morning
Do you have to file in the morning due to a foreclosure or repo?
we didn't file all the necessary forms. When I called the clerk, she told me which ones they were missing. she did not tell us about the property claimed as exempt form...therefore i have to face a judge tomorrow.
so you have exceeded the 14 days needed to get all the forms in
Here is a website that discusses you exemption choices in your state, kinda confusing, especially in a rush http://www.legalconsumer.com/bankruptcy/bankruptcy-law.php?ST=CT#exemptions
I have to appear because i didn't have all the forms in. The clerk told me which ones were missing, and we delivered them this morning, however she forgot to tell us we needed schedule c property claimed as exempt
If you case gets dismissed as long as it is your first case you can refile usually with no prejudice, if so get this book to help you through the process. You might check if they have an online version because they make the process simple as possible How to File for Chapter 7 Bankruptcy
I just checked and they do have an E version for $19.99, it would definitely help you out.
ok thank you. I still have to file this form and i want to get it right. so I should list the vehicles but not the house. Is that correct? I should check the box 522b2?
Yes but you have to list the appropriate code numbers also for the property you need to protect.
can you tell me how to do it
Its really a little more complicated then that, you have to take all of the property you own and that you listed on your other schedules and then apply the appropriate corresponding exemption, look at the link above I sent you it list the exemptions and the codes, you also have to stick to one system of exemptions so if you use the federal exemption, you must stick with them, you cant mix them with the state exemptions.
does the house go on this for at all
no because you have no equity in it.
the cars do and any other property you listed on your schedules
above in your message you stated to list all our property with the proper exemptions where does the house go
The house is listed on your real property schedule, and the loan for the house is listed on your secured debt schedule, this protects the house because the loan is more then the value of the home, so it does not have to be listed on schedule C.
You really should ask the judge for a brief continuance of a couple of days so you can make sure all of your schedules are completed correctly, or if you can dismiss the case without prejudice and refile as long as no foreclosure or repos or other urgent issues are pending.
thank you I understand it better now.
Okay good luck hope everything goes well.
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ok this is all very confusing to non lawyers. one more question...i have money taken out of my pay every week to buy UPS stock. I work for them. It is intended as a retirement but not classified thaat way. Can i exempt it? about 11,000.00
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