Chapter 7 Question on Schedule C - Property Claimed as Exempt

[Fallonedward]

I am hoping someone can help answer a question I have on my filing.

On Schedule C I have two columns
(the 2nd column on every line item listed is double of what column 1 is, why?)

Value of Claimed Exemption Current Value of Property W/O Deducting Exemption

Living Room Furniture

1,5000 3,000


As you can see in the example above my living room furniture is 1500 in column 1 and 3000 in column 2, why??? Does this mean only half of my living room is exempt?

Dang I just noticed this and I filed last Thursday.

[AngelinaCat]

I just checked our Schedule C, and the first column is the value of the item WITH claiming the exemption. The second column is the value of the item W/O the exemption being claimed. I can't imagine why the values would be doubled. You need to ask your lawyer, if you have one, what this is all about. You may need to amend your schedules. I also think that your valuation on the furniture is a little too high. You need to think in terms of 'yard sale' prices.

Good luck.

[skweakalee]

As always check with a lawyer. My first guess is that the second column is for married debtors filing jointly (most if not all states - as well as federal, will double exemptions for joint filers).

As far as filing this already, you don't even have to pay to amend this schedule if I recall correctly (in my state). Shouldn't be a big deal if you have to make a few changes.

[Fallonedward]

I spoke to my attorney today and he explained that because we jointly filed, in the example I gave above with my living room furniture being $1500 in column 1 (this is each spouse's amount so $1500 *2 = the the total exempted amount of $3000). So I have my full exemption, but glad I asked him

[Fallonedward]

Cat: I thought my lawyer priced my stuff too high as well but he stated that our trustee is a stickler and he needed to go that high. Even with that amount all of my stuff is still safe with my federal exemptions. thank you thou

I just checked our Schedule C, and the first column is the value of the item WITH claiming the exemption. The second column is the value of the item W/O the exemption being claimed. I can't imagine why the values would be doubled. You need to ask your lawyer, if you have one, what this is all about. You may need to amend your schedules. I also think that your valuation on the furniture is a little too high. You need to think in terms of 'yard sale' prices.

Good luck.

[tcreegan]

so far, so good Fallonedward !!

Tom in Colo