help with chapter 7 assets!!

[celluloidluster]

help! i am getting ready to file my chapter 7 paperwork at the Oregon District court.. i've completed all forms on my own and i need help with one thing..

on my assets (schedule B and C) list i have provided negative amounts for both my bank account (currently -$200) and my equity on my auto loan (currently -$3650).. is it allowed to provide negative amounts on these forms or would i simply list them as $0 (zero)..

thanx!!

[JRScott]

Remember on Schedule B that the amount included has to be the current value of debtor's interest in property without deducting any secured claim or exemptions.

For a car it is best to use the NADA value on schedule B.

You would then list on Schedule D the car's creditor and amount owed.

[celluloidluster]

thank you for your response..

just to clarify.. am i to understand that i should put the NADA value of the car on schedule B even though my loan is $3650 higher than that value??

i got a negative value on my car due to the fact that the NADA value was $3650 higher than the amount i owe on my loan for the car.. thus i have a negative interest in the car providing the -$3650 amount on my schedule B.. would that be allowed? or would i still want to list simply the NADA value?

also, do you know if you are allowed to have a negative amount on your bank account line on schedule B if your account is overdrawn??

[HHM]

Correct, the value you put on your schedule of assets is what you could sell the item for "today" regardless of any lien or loan attached to them.

So if you have a car that you could sell for $7,000, but you owe $9,000 on that car, you would list $7,000 on schedule B. However, since you have negative equity in your car, you would not have to list any equity exemption on you "exemption schedule".

[JRScott]

You would list the NADA value only in Schedule B.

Also if the NADA value is higher than the amount you owe on the car then you would have equity equal to the difference you need to list in exemptions. (If the amount you owe is more than the amount of the NADA value then you have no equity in the car).

As for the negative amount on the bank account, you could list that on Schedule B as far as I know.