Chapter 7 Schedule C Property claimed as exempt. I only have one exemption, my car whose blue book value is $3000. What do I

Asked over 5 years ago - Los Angeles, CA

For Chapter 7 Schedule C "Property claimed as exempt." I only have one exemption: my car whose blue book value is $3000.
Column 1: Description ( I put make and model?)
Column2: (I put USC522b3)
Column3: "Value of claimed exemption" (WHAT do I put here? How do I know what the permissible exemption amount is??
Column 4: ( Do I put $3000, the blue book value here??)

Attorney answers (1)

  1. Michael Scott Martin

    Contributor Level 8

    Answered . While the preparation of your bankruptcy petition is best completed by an attorney or reviewed by an attorney, to answer your question generally you would do as follows. Under Description of property (Column 1) you should put the Year, Make, Model, and location of the vehicle (ie "Debtor's Residence). Under the Section Column, what you put is dependent upon which exemption you claim. In California you are entitled to choose either the state or federal exemptions. For example, if you chose the California exemptions and your vehicle was worth $3000 you can exempt the entire amount of the vehicle under C.C.P. ยง703.140(b)(2), which is limited to $3,300. Under column 3 you put the permissible amount. You have to look it up under the Federal or California Law. So as mentioned above, if you chose the California exemptions it is limited to $3,300. In your case, you would put the amount of the actual deduction of $3000 (the value you indicated). Lastly, under Column 4, you put the current retail value such as Blue Book retail value. Again, if you are preparing your own petition you should familiarize yourself with the differences between the federal and state exemptions as one will most likely be more advantageous for your particular situation. If you fail to properly exempt all of your property you can potentially lose it to the trustee in the bankruptcy. Again, I would strongly advise contacting an attorney to prepare your petition if you are uncertain.

Related Topics

Bankruptcy exemptions

Bankruptcy exemptions are different depending on what chapter you file for, but they can allow you to keep some of your assets or reduce your required payments.

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