"Specify Law on Each Exception" column on Schedule C

[bagel]

I am a bit confused on what to fill out in this column. In the NOLO book there is a sample form filled out and it shows "C.C.P. 703.140(b)(5)" but it changes on each property. How do I find out what to enter here for each piece of property.


Also, a totally unrelated question. Is it true that for a Chapter 7, if you are below the Median Income for your state, then your net income will have have no impact on the bankruptcy? I am below the median income, but my debts are not that high and my net income is a couple hundred dollars. I am afraid that when I file, this will have some impact?

[justbroke]

You need to lookup the specific "exemptions" that you have under ORS (Oregon Revised Statutes). You could use the Legal Consumer Website to find the exemption categories and "specific" law for each exemption. You should make sure the law is current. You can only ensure you are using current law by checking the actual ORS (which should be at a Website... hint: http://www.leg.state.or.us/ors/).

It really depends on how much "disposable income" (DMI) that you show. If it is over $200 a month, then you need to make sure that you are listing ALL your expenses. Being under-the-median is not a 100% guarantee that your DMI would not be over the threshold amount.

[ValleYum]

Bagel, now is the time to add allowable items to your expenses: term life insurance, a lower deductible on your auto insurance - you may not have the savings to cover a high deductible after your BK- perhaps even buy a newer car....

You could start a thread and list out your income and expenses we could help you better by seeing things in "black and white". If you are on the high side of allowable DMI for a Ch 7, a few changes by a strict Trustee could quickly turn you into a CH13 or you'd have to dismiss your case.

[AngelinaCat]

PLEASE tell me that you have ditched that 2010 NOLO book you are referring to ....

[Slingerland]

PLEASE tell me that you have ditched that 2010 NOLO book you are referring to ....

AC, what's wrong with the NOLO book? I bought it myself and used it to start learning about the bankruptcy process.

In my case though, my attorney suggested I download BestCase bankruptcy software and use it to learn about the C-13 schedules and payments.

[AngelinaCat]

AC, what's wrong with the NOLO book? I bought it myself and used it to start learning about the bankruptcy process.

In my case though, my attorney suggested I download BestCase bankruptcy software and use it to learn about the C-13 schedules and payments.

Bagel is using a 2010 edition. The BK laws are tweaked a little every year, as are each state's exemptions. This is 2013. He needs the 2013 edition. It might be okay to use the 2010 edition as a reference guide to the general concepts, but it should not be used as a step-by-step-how-to-do-it manual for 2013. He was getting confused in another thread, where the forms referred to in the 2010 book, looked nothing like the forms he is trying to fill out today.

[LadyInTheRed]

Also, a totally unrelated question. Is it true that for a Chapter 7, if you are below the Median Income for your state, then your net income will have have no impact on the bankruptcy? I am below the median income, but my debts are not that high and my net income is a couple hundred dollars. I am afraid that when I file, this will have some impact?

Being under median means you automatically pass the means test. But, as justbroke and ValleYum are alluding to, if you show too much DMI at the bottom of Schedule J, the trustee may object to a Chap 7 discharge based on totality of circumstances.

[bagel]

I'm still confused on what to put under "Specify Law on Each Exception". I think what's throwing me off is how they filled out the sample of Schedule C in the Nolo book. The sample shows "C.C.P. 703.140(b)(5)" and nowhere in the Nolo book under the list of exemptions in at the back, and on the legal consumer website, do I see any exemptions that look like that state or federal.

If anyone knows the federal exemptions for Household Goods, Wearing Apparel and Automobiles. Can you help me out? That's really all I have to list there.

[LadyInTheRed]

I'm still confused on what to put under "Specify Law on Each Exception". I think what's throwing me off is how they filled out the sample of Schedule C in the Nolo book. The sample shows "C.C.P. 703.140(b)(5)" and nowhere in the Nolo book under the list of exemptions in at the back, and on the legal consumer website, do I see any exemptions that look like that state or federal.

If anyone knows the federal exemptions for Household Goods, Wearing Apparel and Automobiles. Can you help me out? That's really all I have to list there.

You can find Federal Bankrtupcy exemptions with a simple Google search. But you should read the portion of the Bankruptcy Code that is the source of Federal Exemptions and make sure you understand and use the exemptions. If you haven't alread, you should also look up the Oregon exemptions to make sure they are not a better choice for you.

I could point you to links to the actual Oregon Revise Statutes and Bankruptcy Code, but as a Pro-Se filer, you need to learn to find it yourself. Don't rely solely on the Nolo book. Exemptions for every state are on the Legal Consumer website. But, don't rely on that either. You need to read the law, not a summary of what somebody decided where the important parts. The Legal Consumer website is a good starting point to help you find the correct code sections. The law in the Nolo sample is California law.

[justbroke]

I provided a link to the ORS earlier in this thread. The federal exemptions are pretty easy to find (Google "11 USC 522"). We can not provide legal advice and telling you which specific exemptions to apply would be providing such advice. As Mrs. Cat wrote, you must read and understand the exemptions yourself. If you don't understand a specific exemption, we can explain it, in our words, to you. We can't, however, tell you which specific exemption to use on a specified item.

So, you start by gathering both the ORS Exemptions and the Federal Exemptions (11 USC 522). You then need to choose which exemption scheme to use based on what property you have. The Federal Exemptions are usually better when you do not have property, or your particular State has very low property exemptions. However, that's a very specific thing to determine. For Oregon versus the Federal scheme, you really need to look at your property becuase Oregon is good for certain things, and the Federal exemptions are good for others. If you have very little property, it may not matter which scheme to use.

I hope you understand what we are writing and how you can find out which specific "law' (e.g. O.R.S. 18.345(1)(o) is the wildcard, but you save the wildcard until you run out of other exemptions).

Try this site. It may be up to date, but it is still your personal responsibility to double check the citations on that website. http://www.eblenfreed.com/federal-ex...on-bankruptcy/

[bagel]

Well this is what I have.

Checking account - ORS 18.345(1)(o)
Household goods and furnishing - ORS 18.345(1)(f)
Automobile - ORS 18.345(1)(d)
Clothing - ORS 18.345(1)(b)

I don't know what to put for my checking account, my mom just completed her chapter 7 2 months ago and she put ors 18.345(1)(o) which is the wildcard. Since I only have $200 in my checking account, I'm guessing that's ok.

[justbroke]

Hopefully, those Statutes (ORS sections) cover the value of those items which you are exempting. You do need to put the values as well. I did not double check your use of the exemptions, but you are certainly on the right track.

[AngelinaCat]

We were told to have as close to '0' in our account as possible on the day we filed. We actually were a bit overdrawn, so that worked out.

And yes, I read in another thread of yours that you HAVE purchased the 2013 edition of the NOLO book. Very good! Thank you.

Remember to keep the valuations of your items at the very barest of 'yard sale' prices. Also, you do not have to list everything. List categories of things, such as 'Assorted kitchen utensils', 'assorted pots and pans', 'assorted mens clothing', etc.

[bagel]

OK good to know. I really didn't think it mattered if I had $200 in my checking account seeing as that will be taken out several days later towards bills.

[AngelinaCat]

Your exemptions may cover that amount in your checking account. We were dealing with Florida's rather meager state exemptions (no ability to use Federal). Other than the generous Homestead Exemption, Florida has very little to offer.

On another topic: If you have not already done so, NOW is the time to locate your BK Court and District on the Internet. Read through the site, and pay attention to the local Rules of Court for your District. This will tell you what you need to know to file your case. Also, when you are ready to file the paperwork, CARRY the package into the courthouse in person and hand it to the Clerk of the BK Court. Your earlier study of the Court's website will give you that information.

Taking it in person, lets you know immediately that it has been filed. The Clerk will also, most likely from what I have read here, go through it and make sure everything is in the proper order. If anything is missing, you will be told that too.

You may or may not be given a case number and the name of your Judge and trustee at this time. If not, when the mailing arrives via the post office, look up your Judge's name on the website and see if he/she has instructions for appearing in or dealing with his/her court. In our case, our Judge has a very detailed set of instructions as to how to submit items, etc. Everything was written in plain English so that it was easy to follow.

I am not saying that this will happen in your case with the Judge you eventually will be assigned to, but the chances are good that it will.

That is it for tonight. I am off to bed, and hope you are too.