Schedule Questions

[jb300]

I have a packet here that one of the attorneys I saw gave me. I have some questions on what to fill in.

Sched. B

#9 Life Insurance. I have 2 policies, one is a whole life, one is an annunity. Both have a little cash value. I thought that this was exempt in IA. Do I still fill this in?

#22 How do I determine the value of my vehicles? My cargo trailer is a 2007 but it has been used hard for hauling carpet and flooring. It is not worth what I owe on it yet I am sure.

Sche A

What is a executory contract?

I am buying my house on contract and I am on another house, just the deed that is going to be foreclosed on. I think these go on this page.

Is current value what I feel the property is worth and the secured claim the amount I owe yet?

On the house that is being foreclosed on I am not listed on that mortg. only the deed, do I fill in the worth and what is owed on that one also?

This is it for now but I am sure I will have more questions.

Thank-you

[jb300]

I am still trying to figure out what to put in the forms.

"Current Value of Debtor's Interest, in property without deducting any Secured Claim or Exemption"

What exactly are they asking for?

[jb300]

Several more questions.

Where do I put a house that I am on the deed for but not the mort. note that is being foreclosed on? We are not married and he is not filing with me.

What do I do on the house I am trying to keep that I am buying on contract. He is on the contract but signed the deed to me in early Jan. of this year? He is still on the hook with the contract, I intend to keep this house, am current on the payments. How do I put all this information on the forms?

[JoeBankrupt33]

Well, you have a ton of questions here and it may help to post separate questions. You have some tough ones that need their own attention. Anyhow, I'll answer a few of the things that I know.

Schedule B: you list your assets here and it doesn't matter if it is exempt or not. If it is exempt, you also list it on schedule C.

Value of vehicles: This can vary depending on where you are. I used kbb and deducted money for repairs. If your car does need repairs and the value of the car is lower than book, then state this in your paperwork.

Executory Contract: Any lease or contract that you are party to. This includes rental agreements (if you are the tenant or the landlord), real estate agreements, cell phone contracts, storage units, real estate listing agreements, health club memberships, etc. This also covers month-to-month leases.

Current Value of Debtor's Interest, in property without deducting any Secured Claim or Exemption: This is the value of the property. Don't subtract what you owe and don't subtract the amount you can exempt.

[jb300]

Thank-you that helps... plain English... why can't they do this on the forms....I realize some of these may have to be worked out once I choose my attroney but I was just seeing if anyone knew.

I just have to keeping telling myself, one step at a time but this is daunting right now and I am not seeing light yet at the end of the tunnel.

[jb300]

What about cemetary plots?

I own 2 cemetary plots do these go somewhere and if so how do I value them with todays value or what I paid for them?

[JoeBankrupt33]

Thank-you that helps... plain English... why can't they do this on the forms....

I personally they try to make it intimidating to persuade people to hire lawyers. At the building where I filed, they have a big sign that recommends that people don't do this on their own. The truth is, many people could have a successful chapter 7 with enough time and research.

As for the cemetary plots, the value would be whatever you can sell them for now, not what you paid for them.

[queenfluff]

I am not sure about your lawyer but my lawyer just told me to fill the thing out the best I could and we would go over the stuff I left blank.

Which is what we did. So, just fill out the things you definatley know and maybe make notes on a separate sheet of paper of what you don't understand. I know - the form is not very user friendly in some parts.

My lawyer went through my whole thing with me and we completed together all the parts I wasn't sure of He knew right away what was supposed to go where and what I should put down.

My case is a lot simplier than yours though. Make sure you have all your stuff printed out - I remember that being very helpful in getting all those Schedules finished.

[jb300]

I am just trying to get the stuff put together. The first attorney I saw said heres the packet, go do your homework and come back when you have it done.

Second lawyer said... no packet we do it together and I batch file so I can do it this way. I went to him last Thur. thought by this Thur. I would be filing but he needed to check on something and quite frankly I didn't like him or his attitude about some things.

So number #3 has sent me this information packet to fill out and then I am suppose to set up an appt. and go in.

I am so sick of all of this already and the small business makes this worse.