Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
1) on schedule C, the debtors put the figure on "value of claimed exemption" the figures from deducting the current value of residence minus amount of lien, which came out to be $$52,966, is it correct to put this value in this section of schedule C?
2)Debtors' equity is $52,966, and system 2 only allows up to $22,075(703.140.(b)(1), so debtors opted to use system 1.
Thank you for your response.
1 & 2) When debtors file a Bankrutpcy, they cannot hope or expect to keep everything. Accordingly, when using System 1, there is no exemption for bank accounts and cars worth more than the allowable exemption (currently $2725 as of June 2011).
3) Yes - the amount of equity (market value minus liens) goes on Schedule C.
Hello Mr. Fortunato,
You indicated additional information regarding my BK question, but i'm unable to retrieve it, pls. forward--thank you
I sent you a "Thank you for accepting my answer, and thank you for the bonus!" note. Any notes that are not Answers show up as Info Requests, even though they are not Info Requests.