Need help with understanding Asset calculation

[bigstick]

Just picked up my packet from attorney and going thru a review. On Schedule "B" he's listed all of my personal property which I understand. He's listed my automobile with just the amount that it is valued at per Kelly Blue Book. He used the total from Schedule B and subtracted my exempt amount which in Maryland is only $12k total. The resulting number is what he is telling me is my non-exempt asset amount.

Question # 1 - I own a time share which is paid for and he has it listed on Schedule "A" along with my mortgage which I owe more then the house is worth. Shouldn't the time share be included as an asset and added with the Sch "B" items for a total?

Question # 2 - Do I still need to show my auto as an asset even though I owe much more on it then it's worth?

[lrprn]

Just On Schedule "B" he's listed all of my personal property which I understand. He's listed my automobile with just the amount that it is valued at per Kelly Blue Book. He used the total from Schedule B and subtracted my exempt amount which in Maryland is only $12k total. The resulting number is what he is telling me is my non-exempt asset amount.

From what you've told us, this sounds correct.

Question # 1 - I own a time share which is paid for and he has it listed on Schedule "A" along with my mortgage which I owe more then the house is worth. Shouldn't the time share be included as an asset and added with the Sch "B" items for a total?

How time shares are treated in Ch 13 is very trustee-dependent. Most see a time share as a luxury and unless your exemptions can protect it, will ask you to surrender it for sale or ask you to pay the difference that can't be protected in order to keep it. The fact that the time share is upside down is irrelevant to where it's placed on your forms. Talk this over with your lawyer until you understand his reasoning.

Question # 2 - Do I still need to show my auto as an asset even though I owe much more on it then it's worth?

Yes. Again being upside down on the loan doesn't make a secured asset any less of an asset.