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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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If your only asset in a Chapter 7 bankruptcy is a 2002 Prius with a Blue Book of $5600 ho

Customer Question

If your only asset in a Chapter 7 bankruptcy is a 2002 Prius with a Blue Book of $5600 how much of it is exempt using Federal exemptions codes?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.

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 clarification

WALLSTREETESQ :

Do you have any loans on the vehicle?

Customer:

No loans.

WALLSTREETESQ :

Do you own any property?

Customer:

My property consists of a house $435000 mtg on it is $535000

Customer:

I am turning the house back to the mtg holder.

WALLSTREETESQ :

the federal exemptions 522(d)(2) - Motor vehicle up to $3,450.

WALLSTREETESQ :

since you will not be using your homestead exemptions,

WALLSTREETESQ :

then you can use the Federal wild card as well,

WALLSTREETESQ :

522(d)(5) - $1,150 of any property, and unused portion of homestead up to $10,825

Customer:

I did the filing myself. The trustee yesterday said I should file an amended Sch C for Chapter 7

WALLSTREETESQ :

so you can add the wild card protections, with the motor vehicle exemptions,

Customer:

Thank you it looks like it will all be exempt

WALLSTREETESQ :

the unused portion of the federal exemptions should be used for all other property

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask,

WALLSTREETESQ :

in terms of an amendment, that is fairly easy, you would use the original form, and state "amended" on top

Customer:

Do that mean $3450 + the $1150 + the homestead?

WALLSTREETESQ :

yes,

Customer:

Thank you again.

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