Schedule B questions - Chapter 7

[HRoark0717]

On the Schedule B form, there is a line that is a little confusing. Hoping for some clarification from someone who knows... P.S. I am using the NOLO book and filing Pro Per

Top part of the form in the text area there is a line that reads, "If the debtor is an individual, state the amount of any exemptions claimed only in Schedule C." In the book, amounts are shown filled out on both Schedule B and Schedule C.

Wondering what is correct way and what others are doing about this? Any clarification would be helpful... Thanks!

Another quick question: On Line 18 in Schedule B, would unemployment benefits apply as liquidated debts owed to debtor if the weekly bi-weekly amount is owed?

[justbroke]

Top part of the form in the text area there is a line that reads, "If the debtor is an individual, state the amount of any exemptions claimed only in Schedule C." In the book, amounts are shown filled out on both Schedule B and Schedule C.

It means exactly as it reads. That is, you list the property on Schedule B and you exempt it on Schedule C. So, if you lived in Florida and had a car with a current market value of $2,000 and an outstanding loan of $1,200;

Schedule B shows the Car with FMV at $2,000
Schedule C shows the Car EQUITY with a Florida Exemption (222.25) at $800 (that's $2,000 less the loan of $1,200)
Schedule D would also show the Car with a lien from the creditor of $1,200.

Another quick question: On Line 18 in Schedule B, would unemployment benefits apply as liquidated debts owed to debtor if the weekly bi-weekly amount is owed?

Unemployment benefits (UI) are not liquidated debt. The reason an anticipated tax refund is "liquidated debt" is because it is money held by the IRS and is a cash equivalent. Now, the nice thing about having an attorney is that they could possibly argue that UI is not part of the "current monthly income" and therefore should not be listed on the means test. However, that is an argument for a professional. So, I'll just write that in most Districts, UI is considered "income" for purposes of the means test.

[HRoark0717]

Another great explanation justbroke! I understand. Thank you!!