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Proper way to fill out Schedule C stacked exemptions

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    Proper way to fill out Schedule C stacked exemptions

    I'm using Federal Exemptions and filling out my Schedule C. I have a car worth $5017. I know I can use my vehicle exemption for $3775 and wildcard for up to $1250 to cover the car. The nolo guide doesn't make it clear or give a sample of how to fill that out on the schedule C. Do I only use one description line and list both exemptions, example:

    Brief Description: Car, Current Value: $5017, Amount of Exemption: $5017, Specific Laws That Allow the Exemption: 11 U.S.C. § 522(d)(2) + 11 U.S.C. § 522(d)(5)

    Or would I use two separate description lines with one exemption each, example:

    Brief Description: Car, Current Value: $5017, Amount of Exemption: $3775, Specific Laws That Allow the Exemption: 11 U.S.C. § 522(d)(2)
    Brief Description: Car, Current Value: $5017, Amount of Exemption: $1242, Specific Laws That Allow the Exemption: 11 U.S.C. § 522(d)(5)

    Thanks

    #2
    I can't say for sure which is correct, but I would list the item once and cite both laws. If there is room, I'd list the amount applied under each law.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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