How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask cortrightlaw Your Own Question

cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
63110502
Type Your Bankruptcy Law Question Here...
cortrightlaw is online now
A new question is answered every 9 seconds

I am filling out schedule c Property claimed as exempt. so

Resolved Question:

I am filling out schedule c Property claimed as exempt. so I declare my residence and auto, and which box do i check..522b2 or 522b3
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cortrightlaw replied 2 years ago.

cortrightlaw : Give me a minute to review your question and respond
Customer:

ok

cortrightlaw :

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?

cortrightlaw :

same thing with your car

Customer:

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

cortrightlaw :

Give me a minute to pull up your state exemption choices

Customer:

ok

cortrightlaw :

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?

Customer:

no i don't know anything about it

Customer:

which one is the federal option

cortrightlaw :

Okay this is very important because it protects your property, are you using any resource to prepare your bankruptcy?

Customer:

no

cortrightlaw :

522b2 is the federal exemptions

Customer:

do i list both vehicles

cortrightlaw :

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.

cortrightlaw :

the federal also gives you a wild card exemption that can be used.

cortrightlaw :

Can I recommend a great book to help you get through this?

Customer:

yes except we have to go to court in the morning

cortrightlaw :

Do you have to file in the morning due to a foreclosure or repo?

Customer:

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.

cortrightlaw :

so you have exceeded the 14 days needed to get all the forms in

cortrightlaw :

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

Customer:

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

cortrightlaw :

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

cortrightlaw :

I just checked and they do have an E version for $19.99, it would definitely help you out.

Customer:

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?

cortrightlaw :

Yes but you have to list the appropriate code numbers also for the property you need to protect.

Customer:

can you tell me how to do it

cortrightlaw :

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.

Customer:

ok

Customer:

does the house go on this for at all

Customer:

form

cortrightlaw :

no because you have no equity in it.

cortrightlaw :

the cars do and any other property you listed on your schedules

Customer:

above in your message you stated to list all our property with the proper exemptions where does the house go

cortrightlaw :

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.

cortrightlaw :

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.

Customer:

thank you I understand it better now.

cortrightlaw :

Okay good luck hope everything goes well.

cortrightlaw :

Have I satisfactorily answered your question? If I have please remember to click the GREEN ACCEPT BUTTON so that I will receive credit and compensation for my time (doing so does not end our discussion), i will gladly clarify my response or respond to follow up questions if needed.

Customer:

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

cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
cortrightlaw and other Bankruptcy Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.
 
 
 

Related Bankruptcy Law Questions

Chat Now With A Bankruptcy Lawyer
cortrightlaw
cortrightlaw
Bankruptcy Lawyer
513 Satisfied Customers
Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.