Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law
This answer was rated:

I have 2 trucks which I use for business that are not paid

for. What schedules do I...
I have 2 trucks which I use for business that are not paid for. What schedules do I list them on and which exemption number should I use?
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 5 minutes by:
6/7/2011
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,252
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Verified

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

Is this a chapter 7?

Customer:

Yes

WALLSTREETESQ :

Do you intend to keep them both by reaffirming the debt?

Customer:

Yes. I have some equity in them

WALLSTREETESQ :

Do they both have a loan?

Customer:

yes

WALLSTREETESQ :

You would list them both as assets in schedule b

Customer:

Okay. Not on C?

WALLSTREETESQ :

You would list the loans and put your intention to reaffirm them in your STATEMENT OF INTENTIONS

Customer:

Ok. what about the equity in them?

Customer:

I have about 10k in one and 5k in the other

WALLSTREETESQ :

The exemption for commercial vehicles is limited in CA

Customer:

To?

WALLSTREETESQ :

  • Commercial vehicle (Vehicle Code § 260) to $4,850 ($9,700 total if used by both spouses in same occupation)
    Cal. Civ. Proc. Code � 704.060

  • Tools, implements, materials, instruments, uniforms, books, furnishings, & equipment to $7,175 total ($14,350 total if used by both spouses in same occupation);
    Commercial motor vehicle to $4,850 ($9,700 if used by debtor and spouse in same trade)
    Cal. Civ. Proc. Code § 704.060

Customer:

Ok. So I need not list them in C at all?

WALLSTREETESQ :

The vehicle worth 5,000 could be listed,

Customer:

Under what exemption?

WALLSTREETESQ :

The second can be listed however, you may have to claim one as being a personal use vehicle.

Customer:

ok.

WALLSTREETESQ :

Motor vehicles to $2,725, or $2,725 in auto insurance for loss or damages (husband and wife may not double)
Cal. Civ. Proc. Code § 704.010

Customer:

so on c do i check 522 B 2 or 3

WALLSTREETESQ :

In CA you cannot use the Federal exemptions, only CA

WALLSTREETESQ :

You do not check either.

Customer:

ok

Customer:

Value of claimed exepmtion would be 5k? current value would be what I owe?

WALLSTREETESQ :

In CA their are two sets of exemptions, if you do not have a home which you will be using the homestead exemption you may have a significant amount of exemption left this is know as the wild card exemption

WALLSTREETESQ :

Current value is the fair market value,

Customer:

I was foreclosed.

Customer:

What about value of claimed exemption?

WALLSTREETESQ :

The California bankruptcy exemptions allow wild card exemptions of a total of $21825 available under Chapter 7 only. This means that if you have no homestead exemption (you do not own a house) you can use up to $21825 value of nonexempt property to be exempt. The $21825 is in addition to the amount of exemption on other assets exempt under specific exemption provision under California Code Sec. 703.

Customer:

so i can list my other truck under 703? Is that the code I use?

WALLSTREETESQ :

The value of claimed exemption in your case is the full equity on both vehicles, since you can use exemption 2 and the wild card

WALLSTREETESQ :

Yes.

Customer:

So the specific law for the other truck is 703? And the first would be 704.060?

WALLSTREETESQ :

The wildcard exemption is $1,175 plus the unused portion of the real property exemption (total possible wildcard amount is $23,250)
Code of Civil Procedure Section 703.140

WALLSTREETESQ :

The exact code is 703.140

Customer:

Perfect I think I got it for the wildcard. 703.40 for the second truck and the first 704.060? Sorry to sound redundant but the trustee has me over the edge.

WALLSTREETESQ :

I would use 703.140 for both, as you have 23,250 anyway

Customer:

I did that and the trustee got her panties in a tywist

WALLSTREETESQ :

California System 2 Exemptions


WALLSTREETESQ :

I do not see why, but then you can use the motor vehicle exemption as well

Customer:

I think you gave me the information I need.

Customer:

the 704.060

Customer:

So I am clear list both on schedule b and c?

WALLSTREETESQ :

Yes, you need to list the assets as property and all exempt property on C as well.

Customer:

Ok. I will give it one more shot. Thanks.

WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,252
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Verified
WALLSTREETESQ and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Ask WALLSTREETESQ Your Own Question
WALLSTREETESQ
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,252
17,252 Satisfied Customers
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS

WALLSTREETESQ is online now

A new question is answered every 9 seconds

How JustAnswer works:

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

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

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.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, 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!!

ElaineAtlanta, 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.

TonyApopka, 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

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,672 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
I really do not want to file bankruptcy but i have a equity
i really do not want to file bankruptcy but i have a equity line of credit and a vechicle and a home i want to keep but i am also in debt up to about $45000 and need to do something. everything is in … read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,672 satisfied customers
If I file bankruptcey on because my house is in forclosure
If I file bankruptcey on because my house is in forclosure and I can not get help because they say we make to much money what will happen, and can i even file if there has already been bankruptcy file… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
Let me start over, on the bankruptcy, sorry for the trouble?
Let me start over, on the bankruptcy, sorry for the trouble? Now when I filled for the chapter 13 I was paying 160.00 a month, now at the time I had 2 motorcycles I was paying on. Now at the time I to… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,672 satisfied customers
Pro Se:Legal Aid for Bkruptcy? Can Judge order us to get an
Pro Se:Legal Aid for Bkruptcy? Can Judge order us to get an attorney? Can we find attor to wk for us? Removed case from st. court due to improper $200, judgement due to a loan that was'nt properly han… read more
WALLSTREETESQ
WALLSTREETESQ
Attorney
17,252 satisfied customers
I filled for bankruptcy that was discharged on March 24,
I filled for bankruptcy that was discharged on March 24, 2017. Then I got a medical bill that was not included in the list of creditors during the bankruptcy process. Since this bill was incurred befo… read more
LegalGems
LegalGems
Juris Doctorate
10,196 satisfied customers
Im filing for chapt 7 bankruptcy. My income is 379,000. I
im filing for chapt 7 bankruptcy. My income is 379,000. I pass the means test. I live separate from my wife during the week in another state because of work reasons. Is this considered a "special circ… read more
WALLSTREETESQ
WALLSTREETESQ
Attorney
17,252 satisfied customers
I may have to file bankruptcy. I have a home, commercial
I may have to file bankruptcy. I have a home, commercial property (antique shop), 2 rental houses and a vacation cottage. I understand that if I file bankruptcy, I can keep my primary residence. I hav… read more
socrateaser
socrateaser
1,031 satisfied customers
Last May I was on a cruise ship with friends. During the
Hello my Name is Luke, Last May I was on a cruise ship with friends. During the course of the trip I was challenged to an arm wrestling match by a friend of a friend. I said no twice before excepting … read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,672 satisfied customers
My mom and I had refinanced her home to combine our credit
My mom and I had refinanced her home to combine our credit card debt. My sister took over as POA and went and had the loan put in a reverse mortgage w/ out me knowing about it ( I was co-signer) and w… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
I am in the process of filing a bk7 with a local atty. i am
i am in the process of filing a bk7 with a local atty. i am still filling out the mountain of paperwork from the atty so an actual filing has not taken place i suppose. my car will be included in the … read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
Can attorney make an appearance in a U.S. bankruptcy case
Can attorney make an appearance in a U.S. bankruptcy case for a creditor in a state that they are not licensed in?… read more
ScottyMacEsq
ScottyMacEsq
Doctoral Degree
17,088 satisfied customers
House value in 2010 is 51,000 in 2006 was 149,000. Owe
House value in 2010 is 51,000 in 2006 was 149,000. Owe 135,000, both over 70 year need to move to children in another state. Cannot sell... Credit Union reduced interest 5.90 to 3.37 for 3 years.They … read more
MShore Law
MShore Law
Doctoral Degree
1,233 satisfied customers
Filed bankruptcy Mar. 09. During the the months following
Filed bankruptcy Mar. 09. During the the months following received several notices from court and trustee wanting filing payments and paperwork which all had been done with the lawyer from the start. … read more
WALLSTREETESQ
WALLSTREETESQ
Attorney
17,252 satisfied customers
We have an In-house financing car company and sell vehicles
We have an In-house financing car company and sell vehicles and carry the loan. We just received a document that the customer filed chapter 7 bankruptcy. The hearing is next month. What can we do, if … read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
My case is complicated, I filed Chapter 13, I received the
My case is complicated, I filed Chapter 13, I received the completion of plan January 8, 2017, a Final Report, all of my money paid in plan returned, the trustee said we didn't owe anything, no claims… read more
DrakeLAW
DrakeLAW
Juris Doctorate
842 satisfied customers
All the attornies want 20k or after drilling me for info
All the attornies want 20k or after drilling me for info cone uo with a conflct .i bumped into the bankruptcy trustees attorney just after the heraing thst never was where his no sworn declaration mot… read more
Attyadvisor
Attyadvisor
Doctoral Degree
6,888 satisfied customers
I have a court decision in my favor for Small Claims. I have
I have a court decision in my favor for Small Claims. I have had to file Garnishment papers to attempt to get the money owed. Now the individual has filed Chapter 7 Bankruptcy. Can the person have the… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,672 satisfied customers
I have a lawyer who filed a chapter 7 for us and now wants
I have a lawyer who filed a chapter 7 for us and now wants us to ask for the 7 to be dismissed or converted to a 13. He's a nice guy but i have a bad feeling that he has made some mistakes. I need hel… read more
socrateaser
socrateaser
1,031 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x