I live in ca and want to take the state excemption amount plus the wildcard on one of my cars. Would i list it twice, one using the state excemption and amount, and a second time using the wildcard amount, and the value of the car listed twice without deducting the excemtpion.
I have 3 old vehicles also i want excempt using the wildcard (equity carryover). Would i list those all in one spot and across from them the wildcard excemption and the total value of all three across from that?
Im in California. Would my code be listed for example if I was using the wildcard...California Code Section 703.140(b)(5). OR California Code Rev. Section 703.140(b)(5). OR C.C.P Section 703.140(b)(5)? Thanks so much for your help!
Clarity is the best policy when completing the details of a Chapter 7 Voluntary Petitioin. Most attorneys use software packages which provide the solutions easily. List the asset, value, exemption amount and applicable code section. List the asset again when using a different code section with the different code section and amounts. I recommend you list each of the vehicle separately. While lumping them together would undoubtedly be fine, clarity will be much appreciated by the Trustee. I highly recommend to consult an attorney to insure you success in your filing. Good luck.
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Chapter 7 Bankruptcy Attorney
I always list each vehicle separately so I can link it to any lien against it as well as taking an exemption against it individually. If you lump the vehicles together and the trustee decides to, for whatever reason, object to any exemption, it provides a way to separate each exemption so that if one portion fails, it won't affect the other vehicles.
Hope this perspective helps!
I agree with the other attorneys who have responded that you should list each vehicle separately.
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Administrative Law Lawyer
List the car repeatedly for each time you claim a different exemption. It is cumbersome but makes what you are claiming clear. You don't need to consult with an attorney over this. The trustee should let you know if there is any confusion over what you have done and give you a chance to modify your schedule, if needed.