Schedule C/D

[cmcfall]

Hello all, I have already filed my case as of 6/11 and wish I would have found this forum BEFORE I filed, but since I have been reading here I realized I have some amendments I need to do. So I can file them all together I wanted to ask about the negative equity in my car and home. If I am upside on both do I still have to exempt them?

Thank you!

[GettingGoing]

Hello all, I have already filed my case as of 6/11 and wish I would have found this forum BEFORE I filed, but since I have been reading here I realized I have some amendments I need to do. So I can file them all together I wanted to ask about the negative equity in my car and home. If I am upside on both do I still have to exempt them?

Thank you!

If you are upside down then you have no equity to exempt.

[cmcfall]

Thanks!

Thanks for the speedy reply, I appreciate it!

[tigergem]

If you purchased the car more than 910 days ago, you can do a cram down on the loan, but I don't know how that works with a house... if it is the same or not.

[cmcfall]

One more question

If you are upside down then you have no equity to exempt.

One more question what property needs to be put on Schedule A? I thought "Real Property" meant land etc. but I am propably wrong, do I put my condo and car on there?

[PoorNow]

the condo is real property (real estate and land) the car is considered personal property (things).