top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Need help filling out schedule C exemptions (car)

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    Need help filling out schedule C exemptions (car)

    On schedule C - Exemptions - there are two columns:
    Column 1: Value of claimed exemption
    Column 2: Current value of property without deducting exemption
    I have a car with loan. The amount still owed on the loan is $6097.10
    The car is worth $3600.
    The difference between what is owed and what it would sell for is $2497.10
    What do I put in the columns? I am also re-affirming this debt and plan on keeping the car. I am using Federal exemptions-married (the other car is only worth $500).
    Tags: None
    #2
    Originally posted by katfzl View Post
    On schedule C - Exemptions - there are two columns:
    Column 1: Value of claimed exemption
    Column 2: Current value of property without deducting exemption
    I have a car with loan. The amount still owed on the loan is $6097.10
    The car is worth $3600.
    The difference between what is owed and what it would sell for is $2497.10
    What do I put in the columns? I am also re-affirming this debt and plan on keeping the car. I am using Federal exemptions-married (the other car is only worth $500).
    I am not an expert, but it appears that you should be Zero as you have less than zero equity. I used My Equity as the amount and just finished my 341 with no problems last Monday.
    I Am in CO by the way, you probably want to mention your state, because each state is different.
    I would also suggest dropping that car, most people, and lawyers appear to avoid re-Affirm unless you owe very little on Car.

    bkDude
    Filed Pro-Se 8/19/2010 - 341 Meeting 9/20/2010 - Notice of no distribution 9/22/2010
    12/06/2010 !!

    Comment

      #3
      I don't have a lawyer (wish I did-can't afford it)... but do I put zero in the value of claimed exemption column and the loan amount of 6000 in the other column? I have to keep the car...

      Comment

        #4
        I put my equity in both (value of... and current value of...), but I am in CO... They are notoriously lenient here.

        bkDude
        Filed Pro-Se 8/19/2010 - 341 Meeting 9/20/2010 - Notice of no distribution 9/22/2010
        12/06/2010 !!

        Comment

          #5
          I am filing in Arkansas using Federal exemptions. I have no idea if I will have problems or if they are lenient. So you listed 0 in each column? What about the loan, don't list that as it is listed elsewhere (schedule D creditors holding secured claims).

          Comment

          Previous template Next

          bottom Ad Widget

          Collapse
          Working...
          X