How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39039
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
Type Your Bankruptcy Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

So glad we discovered this site - Here is part 2 of our Schedule

This answer was rated:

So glad we discovered this site - Here is part 2 of our Schedule Question - We have an upside mortgage and vehicle. We are on Schedule D. Are we correct in putting the following information in the columns: Date Claim & Value = original mortgage amount we bought house for / Amount of Claim = Total we owe the lender including late fees / Unsecured Portion = Difference between what we claimed the market value and what we owe the lender? Example: Market value is 123k on the home. We bought the home for $144k. We in total owe the lender 197k (We were in loan modification and they took two years). So the value we put into unsecured portion was 73k, the difference between market and monies owed? I hope I explained that ok... Thank you.
$197 = Amount of Claim
$123 = Value of Property Subject to Lien
$74 = Unsecured Portion.

Hope this helps.
socrateaser and other Bankruptcy Law Specialists are ready to help you
Customer: replied 3 years ago.

My wife and I could hug you for all your help!

Grab your computer and hug it -- I will hug mine, too.

Attachments are only available to registered users.

Register Here