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
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
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