Schedule D Question - Value less than Debt?

[quest42]

Schedule D Question -
Secured loan - the asset value is less than the debt owed...

The pay-off amount of my debt is $3,800 and the trade in value is $2,400. What happens?

How do I list this on Schedule D?

[skincomplicity]

Are your keeping the vehicle? or whatever you are listing there?

[skincomplicity]

I listed my truck like:

under:creditor name , mailing address

acct #
Bank
123 w. west st.
usa

under :date claim incurred...

purchase financing
2003 toyota truck
value 10,895.00

under: amount of claim with out deducting

(what you owe on it) 16,300.00

under : unsecurred portion

(the difference ) 5,405.00