My trustee told me to claim our vehicle as exempt on Schedule C. We owe $15,087 and it is worth $15,000. I am unsure where to put this as the schedule asks for value of exemption and current value of property. If we don't have any equity how can there be a value of exemption? Should I just put down what our state allows minus the value of our other vehicle (which is paid for)?
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I don't understand why you would be asked to do this since you have no equity to exempt. Maybe the trustee has asked you to do this for documentation purposes to show you don't intend to surrender the vehicle. In that case, I would put value of exemption = 0, current value of property = $15K. -
Even if an asset has no equity, you still want to document the exemption on schedule C.Comment
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