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dylatess
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5145
Experience:  37 plus years of experience specializing in bankruptcy law
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Im confused about the form. Im asked to check 11 usc 522(b)(2)

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I'm confused about the form. I'm asked to check 11 usc 522(b)(2) or 11 usc 522(b)(3). Then When I describe my car, savings and household goods I'm asked to specify the law providing the exemption, the value of the exemption claimed, and the current value of the exemption claimed. how would I specifically fill in the Schedule C form for these columns? My best, Sue

Over 34 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions.

 

For the car, use 522 (b) 2)

For everything else, use 522 (b) (3)

On Schedule C, complete it as follows using savings as an example:

 

Savings as per 522 (b) (3)

'Value: insert amount

 

Please respect my time by rating my answer ok or better. Otherwise I am not compensated even though you have paid for the question. Thanks.

 

Customer: replied 3 years ago.

Just to clarify, I'm sorry to be a pain: the amounts in the "value of claimed exemption" column and the "current value of property without deducting exemption" column will be equal because they are all within the allowable exemption?
Thanks for your patience, Sue

It is confusing but you are correct. The confusion lies within the form as you can have a car worth $5000 but you owe $2500 on it so the amount claimed exempt would be $2500. But in your case, the amount claimed exempt and value is equal.

 

Please respect my time by rating my answer ok or better. Otherwise I am not compensated even though you have paid for the question. Thanks.

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