Listed property on chapter 7 petition. If value is higher than I thought or increases, can I raise my exemption up to limit?

Asked about 4 years ago - Riverside, CA

The question is if some of my property like my house either goes up in value or is determined by the court to be worth more than I stated, can I simply go back in and raise my exemptions up to the max?

Attorney answers (2)

  1. 1

    Lawyer agrees

    Answered . The answer to this question depends on what exemption code was used (section 703 or 704).

    Also, do you have other assets and did you apply exemptions to those?

    If you have the exemptions available, you can amend the petition (subject to Trustee approval).

    If there is a problem, you will likely have to hire an attorney to file a motion before the court for determination of asset value.

  2. Answered . Yes, you can use the maximum exemption allowed to protect your property by amending Schedule C as necessary. However, be careful not to undervalue the property because you might be denied the exemption. Be ready to justify the value of each piece of property you list on Schedules A and B.

Related Topics

Chapter 7 bankruptcy

Chapter 7 bankruptcy is a form of bankruptcy where your debts are canceled, but some of your assets are sold to pay off part of your debt.

Stephen M. Dunne

What is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy wipes out ("discharges") your debts. Chapter 7 is the bankruptcy provision most frequently used by individuals. It involves the complete liquidation of a debtor's... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

33,724 answers this week

3,714 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

33,724 answers this week

3,714 attorneys answering