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Schedule C 1601 (a)(2)...need help please

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    Schedule C 1601 (a)(2)...need help please

    Hi, I'm hoping someone can help with a question I have regarding Schedule C 1601(a)(2), which states:

    : "ANY PROPERTY (total net value not to exceed $3,500 less any amount used under N.C.G.S. 1C-1601 (a)(1) and after reduction for overages in categories 2, 3, and 4).

    : My question is wouldn't I be entitled to the $3,500 exemption for property (house) which is not my residence. The equity is approximately $5,000 which would be divided by two since it is jointly owned, leaving my portion at $2,500. My thinking is my portion would fall under the exemption.

    : The property was accidentally left in my name by an ex, which I forgot about at the time of my chapter 7 filing. Had I realized it was still in my name, I obviously would have had my name removed before filing my bankruptcy. It has made a huge mess of my plans to be rid of my debt. But anyway, my attorney has never mentioned the fact that my portion of the equity may be exempt. So I am doing my own investigation and looking for options.

    : I would greatly appreciate any help.

    Actually my attorney said that the exemption does not apply in my case. I also forgot to mention that he suggested I convert to 13, which he has done (and charged an additional fee) and says I have to pay back my portion of the equity. Something sounds fishy to me.

    #2
    Originally posted by Sherry
    Hi, I'm hoping someone can help with a question I have regarding Schedule C 1601(a)(2), which states:

    : "ANY PROPERTY (total net value not to exceed $3,500 less any amount used under N.C.G.S. 1C-1601 (a)(1) and after reduction for overages in categories 2, 3, and 4).

    : My question is wouldn't I be entitled to the $3,500 exemption for property (house) which is not my residence. The equity is approximately $5,000 which would be divided by two since it is jointly owned, leaving my portion at $2,500. My thinking is my portion would fall under the exemption.

    : The property was accidentally left in my name by an ex, which I forgot about at the time of my chapter 7 filing. Had I realized it was still in my name, I obviously would have had my name removed before filing my bankruptcy. It has made a huge mess of my plans to be rid of my debt. But anyway, my attorney has never mentioned the fact that my portion of the equity may be exempt. So I am doing my own investigation and looking for options.

    : I would greatly appreciate any help.

    Actually my attorney said that the exemption does not apply in my case. I also forgot to mention that he suggested I convert to 13, which he has done (and charged an additional fee) and says I have to pay back my portion of the equity. Something sounds fishy to me.

    Yes it is exempt. Is filing a 13 really in your best interest?
    The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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