SOS: Blank Schedule C Threatens To Sink Bankruptcy!

[bkfiler]

you include everything you own. you have to have it listed somewhere in some category.

yes this applys to your bank account and any account you do have.

the biggest question that seems that no one can answer is what do you do if you have a balance of $0 on that account! you would think an attorney could answer that one for you lol. mine mummbled a bit and moved on.

[bkfiler]

did i miss something?

are you saying that you cant exempt cash or a bnank account amount? im sure i mis-understood your posting.

[StaciMM]

His state does not have an exemption for cash, or a wild card. So the balances would be listed as an asset on schedule B but have no exemption on C.

I'm not sure if you would list them on C w/ $0 amount exempt though! (I have so little that its all exempt, LOL.)

did i miss something?

are you saying that you cant exempt cash or a bnank account amount? im sure i mis-understood your posting.

[bkfiler]

holy cow. some states dont let you keep cash as exempt? no wonder the rumor about taking all your cash out got started. its still a good idea but at least in calif we get to exempt it.

if you dont go with route 2 then how much of exemptions do you get with your home?

if its still only 18+ or so then i guess what they are saying is you keep 18K and we get the rest. right?

[HeartBroke]

I want to thank you all again, and especially StaciMM and Quest42, for your help! TYTYTYTYTYTYTY!!!!!

I'm still unclear about whether to revise the Summary of Schedules, so I think I'll just do it. I mean, if I don't, it's not going to match after I include Sched C, so I may as well. I can't see a downside, really.

[HeartBroke]

LOL@ myself: I've literally been going through this all morning with this picture stuck in my head of me sitting on the sidewalk in tattered clothing begging money day after day with one of those big painted thermometers they use for fund raising, with the red slowly rising toward the $80,000.00 I'd need to pay off these debts if this bankruptcy doesn't fly ....

(Oh well ... having a Plan B can't hurt ;<})

[HeartBroke]

Hold the phone ... what's the difference between "value of claimed exemption" (column 3) and "current market value of propoerty, without deducting exemptions" (column 4)?

[StaciMM]

Some items may be partially exempt...

Lets say your car is worth $2500 and your vehicle exemption is $2000. Value of claimed exemption would be $2000, and current market value-without deducting exemptions would be $2500. That would leave $500 non-exempt (and you'd probably end up making arrangements to pay that value to the trustee rather than the trustee taking your car to sell it.)

Again, I'm not sure if the non-exempt $$ should go there, but if so, it would have $0 for value of exemption and $X for value of asset where all of $X would be non-exempt.

[HeartBroke]

Thaaaaaaanks ... that's what I figgered ... ok, off to the courthouse ...

[Karen2005]

Heartbroke,

You asked: "Are a penny collection and an antique beer can "household goods"?"

My reply: according to the Nolo chapter 7 BK book (availible at libraries) your penny collection and antique beer can could be listed on schedule B under #5 "Books...antiques, coin, stamp,...". However, if your penny collection consists of non-collectable mint coins then it would just be counted as "cash on hand."

The book is really helps. Check it out if you can.

~Karen

[Minnymouth]

HEARTBROKE,

YOU HAVE MY DEEPEST SYMPATHY WITH YOUR SITUATION.

HOPEFULLY, your's can be corrected in time without dismissal.

When I filed, my ignorance of the bankruptyc laws, is why I hired a bankruptcy attorney. I was so afraid I would do everything WRONG.

Needless to say, in my case, the attorney turned out to be more trouble than he was worth...... and still is!!!

Hope it gets straightened out for you. I would hate for anyone to feel all the stress of trying to straighten it out... ITS OVER WHELMING AT TIMES!!! I KNOW!!

My thoughts are with you, keep us posted, and good luck from me to you!!

Minny

[AMISLANDER]

Thoughts Anyone?

First of all, everyone on this site has been very helpful to a lot of my previous questions and I do so much appreciate it! I go for my 341 on the 15th of this month. I have all my paperwork ready, just in case. Here's some of my current worries:

1. My case is listed as a ch.7 no asset.

2. I have my SUV (2000 4Runner) with the lien on it (to my mother) which is dated 10/04, when they issued me a new title in regards to the lien posted. I will be getting a report from Toyota in regards to the current value of the vehicle with all it's problems hopefully in the amount of around $6K...I owe mom $5K in regards to that lien. Otherwise, I totally own that damn SUV. My mom thinks they will not take it ("they can't take a car that you need to get you to work.." I"m like, yeah, right!

Has anyone been to a 341 meeting with a vehicle situation like this? I'm in FL and the only exemption on that is $1K...it probably needs $3,500 to $4K in repairs currently.

3. I rent and do not own a home but did sell a home back in 2003. As to that question, have you owned any property in the past five years...what are they really asking and do I need to worry about that or bring any paperwork in regards to that? If so, will they ask what happened to the money I received from the sale of the house? (of course, I don't have it now, it went to buy my SUV)

4. I also have a security deposit (700) where I currently rent...is that in any jeopardy? I'm currently trying to decide whether to continue renting or move back home with my mother (who's 80)...due to my financial mess.

5. My child support (275/mo) is currently 15 days past due...had to pay house bills first.....my x makes $16K a month...I make $1,500/mo...kids are not hurting obviously but this is going to put me in a spot where I may need to give up any custody I think I have & terminate my parental rights (which I really don't have anyhow)...can my wages be garnished or does that fall through when I petition the courts to give up my rights?

6. Will it all ever end?

I've already gotten rid of my home telephone (60 per month plus AOL), got my car insurance down from 300 to 200...trying to lower the electric from 150 to 100....last step is just cashing out from one of my IRA accounts after the 341 in case I need to purchase a vehicle if they want mine.

I am stressing to the max even with a job...I thought about taking a part time job but I work from 8-5 M-F and Saturdays from 9-12 and that doesn't leave much time to see my mother, kids or rest from work...HELP!!!! Stressing bad in FL! Thanks for reading if you made it this far.

[AAAArt]

Sorry about your situation. I can answer only one of your questions with certainty, but at least it is a good answer.
No, your security deposit is not in jeopardy (unless you are planning to move in the next 2 months and the new place doesn't require a deposit)
One word of warning. Do not touch that IRA lightly. You will prob. end up owing about 1/3 of it in taxes which you will not be able to pay in the following year.

[StaciMM]

Regarding the child support, your X would probably need to do something to start a process to get you garnished. I'm not sure what all that would involve though!

[AAAArt]

Yes Staci, the Ex would have to get a court order to get a garnishment, however, my guess is that if he is making that kind of miney, he doesn't want the money...it's a power play over the kids, which in my opinion is one of the lowest, most rotten things that a parent can do! Art