Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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.
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.