chapter 7

[raising1rl]

Hello, I was looking online on how to enter a car as exempt property because I owe more than it's worth. see below: KBB says it's worth 36,131. I owe significantly more. How do I properly show negative equity?

[justbroke]

You wouldn't need to show negative equity. You would list it as property on Schedule A/B. Then you would list the loan on Schedule G (Secured Creditors). That would show there is no equity. You might also want to list any exemption on Schedule C but it may not be necessary if you are underwater. However, I'd still list any available automobile exemption just in case.