Help! exempt values

[KKAB]

Trustee says I need to list a Value of Claimed Exemption for our vehicle on schedule c. We owe $15,000 and it is worth $13,390. Exempt value is property value minus loan value, but is there such thing as a negative value of claimed exemption? He told me we needed to put down an exempt value in order to keep it. I need to get this in TODAY--anybody know what I should put down? Should I call and ask him?

He also told me I never filed my schedule B, but luckily it was filed with my original documents- and PACER shows it. I think this trustee needs a new job!

[JRScott]

They get busy sometimes and overlook things, just tell him it shows on PACER and you should be okay.

There is negative equity in property. What I'd do is go and get a NADA or Kelly Blue Book quote for your vehicle. Then the loan statement. Then just file an amended Schedule C that lists the vehicle and a value . I'd upload copies of the value and the loan as well or be ready to supply them to him.

[KKAB]

Thanks, JR. I gave him both the value and the loan amounts at our 341 meeting. I don't know what he's after now..... I think I'm just going to call him and see. Hopefully he will help me out; I'm just a bit intimidated by this guy for some reason...maybe it's cuz he's a trustee and has full control (almost) over my life right now.....

[KKAB]

Great, and now the attorney won't help me because his secretary says I am supposed to know how to do this. We haven't had many questions filing pro se, but this has me sooo confused. Can anybody else help me on this?

[danaf]

HUH? Makes zero sense.

The car is worth less than the note. Therefore there is zero equity in it. Therefore you don't need to use your car exemption. If the car was worth more than the note, then yeah - you'd list the difference in schedule C.

The unsecured portion in schedule D has nothing to do with schedule C.

[danaf]

by the way, I've been doing research at my local bk office (using their pacer for free) - looking up how various attorney's do their bks and so far I have never seen a negative value entered in Sched C. I'm thinking your trustee is on drugs cause what he wants just doesn't make sense at all.

[AngelinaCatHub]

Give the car back. You are already bankrupt. Purchase a used machine off the road and when it quits, take the tag off and leave it. We purchased at auction and actually paid too much a 92 grand AM four cylander. It has given us two good years of use and runs very well. We paid 800 and it's worth is about 300, but in all that time (as an ex police car) it is not giving up the ghost. Dump the debt, the time is now or never.

Only an opinion. 'Hub

[KKAB]

[danaf]

Wait - you didn't mention that you had a car that was paid off. Maybe that was what he was talking about. Did you not list the paid off car in the exemptions originally?
What kind of car? What is the year and are you sure the $750 exemption will cover the value of it?

[KKAB]

This car is 38 years old---it was listed at exempted value of $750 and property value of the same. The trustee specifically said to list the 2004 tahoe as exempt on our schedule C or we would lose it.... I am just so confused, but so far it would not have been worth hiring an attorney.

[danaf]

Ok - wow! Talk about an insane freaking trustee. You did the best you could do. If the trustee wanted that, then you did what you had to do.

I'm filing pro-se too and I'm upside down by only around $500 (because I put money down) but I'm not going to use my car exemption. I have gotten different quotes from nada, kelly, and edmund (all retail quotes) but only edmund had the exact description of my car so I'm going with that. Kelly actually came up with more than I owe on the loan so what is happening to you may happen to me. I guess it depends on which site the trustee likes to use which is nuts. If my trustee balks I will have to do the same as you. So I appreciate your post.

[KKAB]

Today I received a "Notice of Trustee's objection to claim of exemption" stating that we are claiming more than allowed by law on our vehicle. According to the title he specified "A motor vehicle not exceeding in value two thousand four hundred dollars $2,400.00" and that is doubled for married couples in our state. Could it be when can only claim one vehicle? I just don't get it! I will be calling an attorney on Monday, but would like to hear any input offered from this board!

[PoorGrammyinBK7]

Why did you say it had any value at all? You were in the negative.

[KKAB]

Grammy, when I listed it as no value the trustee told me I had to put a value of exemption in order to keep it....

[KKAB]

Okay, I'm adding to this post-- I hope that is correct according to forum rules...I have a phone conference on Tuesday with the trustee and bk judge over the trustee calling our vehicle non-exempt. I sent in a new Schedule C claiming $2400 exempt. I consulted an attorney who tole me to do this and the hearing should be cancelled, it has only been a week though, so I'm not sure what is going on. So far it hasn't been cancelled. Is there anything special I should tell the judge? I just don't get the whole thing!