Schedule C questions

[ffpmme]

Finishing off my paperwork and I have a few final questions about schedule C.

1) I have a 2007 dodge, Owe 15K work 9K= no equity, do I list it on Schedule C anyway? Since Illinois allows up to 2,400 it would not make a difference would it?

2) Same with wife car I am a co-signer on. We are upside down, how do I list it on schedule C? Should I?

2a) If i do not re-affirm the car, then i am off the note and DW is the only one on the loan right?

3)But here is the tricky one I have no idea. Our house. Mortgage DW name only, Title both. Owe, 134,000. Worth less then that. (My neighbor just put his same unit with better stuff up on the market as a short sale for 85K)

What do I do with this, I vauled the house based on the comps at 90K Assessed Vaule is 148k from the tax bill.

I know I use 1/2 of the value as a asset, but of which amount, and how do i list it on schedule a half of my interest of the comp value of 95K or the tax value of 148K.
I can use a TBE to cover the exemption. But I am not sure how to value it

4) Has anyone put family pets as animals??? I have 2 dogs not show dogs or anything special, but there is a line on Schedule b for animals. Pretty sure they mean head of sheep, cattle or hogs. But just curious.

Thanks!

[justbroke]

1) I have a 2007 dodge, Owe 15K work 9K= no equity, do I list it on Schedule C anyway? Since Illinois allows up to 2,400 it would not make a difference would it?

My theory is to always exempt it if you have the exemption available. Just in case the Trustee finds that there is no valid lien.

2) Same with wife car I am a co-signer on. We are upside down, how do I list it on schedule C? Should I?

You have to list it on Schedule B and mark it as Joint... however, it REALLY depends on how it is titled. As an example, Florida can title a car with the preposition "or" or "and" and they mean entirely different things!

2a) If i do not re-affirm the car, then i am off the note and DW is the only one on the loan right?

Technically, you are not off the Note. A bankruptcy discharge only relieves your legal responsibility to repay the note. So, you would not need to repay. They would then turn to your spouse for payment and legal responsibility.

3)But here is the tricky one I have no idea. Our house. Mortgage DW name only, Title both. Owe, 134,000. Worth less then that. (My neighbor just put his same unit with better stuff up on the market as a short sale for 85K) What do I do with this, I vauled the house based on the comps at 90K Assessed Vaule is 148k from the tax bill.

I know I use 1/2 of the value as a asset, but of which amount, and how do i list it on schedule a half of my interest of the comp value of 95K or the tax value of 148K.
I can use a TBE to cover the exemption. But I am not sure how to value it

You can't use TBE unless it's either titled as TBE or your State automatically recognizes property purchased in a marriage (and/or with marital funds) to be TBE. In some States, the property actually has to be titled with the words "as tenants by the entireties" to have this distinction.

4) Has anyone put family pets as animals??? I have 2 dogs not show dogs or anything special, but there is a line on Schedule b for animals. Pretty sure they mean head of sheep, cattle or hogs. But just curious.

Yes, they still need to be listed. If they are not show quality animals, then list them as $1 each.

[ffpmme]

My theory is to always exempt it if you have the exemption available. Just in case the Trustee finds that there is no valid lien.

You have to list it on Schedule B and mark it as Joint... however, it REALLY depends on how it is titled. As an example, Florida can title a car with the preposition "or" or "and" and they mean entirely different things!

Technically, you are not off the Note. A bankruptcy discharge only relieves your legal responsibility to repay the note. So, you would not need to repay. They would then turn to your spouse for payment and legal responsibility.

You can't use TBE unless it's either titled as TBE or your State automatically recognizes property purchased in a marriage (and/or with marital funds) to be TBE. In some States, the property actually has to be titled with the words "as tenants by the entireties" to have this distinction.

Yes, they still need to be listed. If they are not show quality animals, then list them as $1 each.

Ok so I put the car on the schedule C but what amount do I list as exempt? 0? or negative amount?

Same with the house, so If it is not TBE then I am going to list negative equity as exempt?

Ok will but the dogs on, no where near show dogs.