I think I made a bunch of errors on my schedules...
(forgot to add description of claim on F, forgot to put amount of unsecured value of financed car, forgot that a lot of the household items are jointly shared/owned by my husband)
So, I need to amend these.
But first, can someone help me figure out my local bk rules on exemptions.
It says:
"The debtor's interest, not to exceed $1,000 in value, in household furnishings, household goods, wearing apparel, appliances, books, animals kept as pets, and other items that are held primarily for the personal, family, or household use of the debtor or any dependent of the debtor."
AND
"Cash or property of any kind equivalent in value to $6,000 is exempt, if within 30 days from the date of the attachment or the levy by the sheriff, the debtor elects to exempt cash or selected items of property in an amount not to exceed a cumulative value of $6,000."
If my personal property goes over the $1000 limit for the 1st rule, can the rest fall under the 2nd rule? I know that my personal property/household goods went over $1000... can they be exempt under the $6000 for cash or property exemption?
Ok, this is what I listed on Schedule B & C -
Cash on hand - $127.61
Checking accts - $59.88
Misc household goods - $575.00
Misc books, cds, etc - $370.00
Clothing - $200
Jewelry - $100
Camera - $50
Pension - $136.05
Deferred compensation retirement plan - $353.00
TOTAL - $1971.54
After recalculating my personal items, Misc household goods were $338 - since many items are jointly owned by my husband.
This is the total I have for Schedule B: $1734.54
My personal items/household goods total $1058
My questions:
1. I went over the exemptions by $58, is the trustee going to take that property from me? I'm not sure how $58 in unexempt property is going to make a big difference in paying any of my creditors.
2. If I'm surrendering the car, does it matter if I have $1000 in unsecured value in the car? Should I list that as exempt?
(forgot to add description of claim on F, forgot to put amount of unsecured value of financed car, forgot that a lot of the household items are jointly shared/owned by my husband)
So, I need to amend these.
But first, can someone help me figure out my local bk rules on exemptions.
It says:
"The debtor's interest, not to exceed $1,000 in value, in household furnishings, household goods, wearing apparel, appliances, books, animals kept as pets, and other items that are held primarily for the personal, family, or household use of the debtor or any dependent of the debtor."
AND
"Cash or property of any kind equivalent in value to $6,000 is exempt, if within 30 days from the date of the attachment or the levy by the sheriff, the debtor elects to exempt cash or selected items of property in an amount not to exceed a cumulative value of $6,000."
If my personal property goes over the $1000 limit for the 1st rule, can the rest fall under the 2nd rule? I know that my personal property/household goods went over $1000... can they be exempt under the $6000 for cash or property exemption?
Ok, this is what I listed on Schedule B & C -
Cash on hand - $127.61
Checking accts - $59.88
Misc household goods - $575.00
Misc books, cds, etc - $370.00
Clothing - $200
Jewelry - $100
Camera - $50
Pension - $136.05
Deferred compensation retirement plan - $353.00
TOTAL - $1971.54
After recalculating my personal items, Misc household goods were $338 - since many items are jointly owned by my husband.
This is the total I have for Schedule B: $1734.54
My personal items/household goods total $1058
My questions:
1. I went over the exemptions by $58, is the trustee going to take that property from me? I'm not sure how $58 in unexempt property is going to make a big difference in paying any of my creditors.
2. If I'm surrendering the car, does it matter if I have $1000 in unsecured value in the car? Should I list that as exempt?
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