Question about Schedule B, Personal Property

[lulabelle]

I was looking over our schedule (the amended version, no less) and after me noting twice that there is no amount for "wearing apparel", the box is still x'ed as "NONE". Can I assume that this is going to be an issue? Also, I thought I read somewhere that you could exempt a personal computer. Anyone know? Finally, when you are able to double your vehicle exemption as a married couple, does this just double the amount you can exempt on one vehicle or does it mean you can each exempt that amount on two different vehicles?

I am so worried that something is going to be missed or wrong! I've also noticed that some of the things I listed on our asset worksheet are not on our schedule.....a treadmill, things like that.

Thanks for any help!

[Meatstick]

I think that your wearing apparel and pc were probably lumped together under household items. If you have exemptions you can specifically list that pc and whatever else you want to keep. If you don't the TT could possibly seize them but is doubtful.

I think it is district specific as to the doubling of exemptions is for one vehicle or possibly can be spread over multiple vehicles.

I am sure others will give a more defined answer.

Good luck !

[lulabelle]

I'm assuming that the trustee will figure things out when we show up fully clothed, but I like to be thorough. I just realized that she didn't list our pets either. I wish I could find the answer about the vehicle exemption - it would make a difference.

[momofthree]

The total exemption can be used on multiple vehicles OR the same vehicle.

So if, for example, your exemption is $3000, and it's doubled to $6000. You can divide this figure up between your vehicles, or use it all on 1 vehicle.

So (just picking arbitrary number, it can be divided up as your situation dictates):

Exempt 1 vehicle for $6000

or

Exempt 1 vehicle for $2500 and 1 vehicle for $3500.

If you have vehicles worth more than the exemption and have a wildcard exemption available to you, you can use the wildcard exemption for the difference to fully exempt your vehicles.

For example:

If you have 2 vehicles, one worth $4000 and the other worth $7000.
and you have a total auto exemption available of $6000, and a wildcard exemption of up to $10000.

Then, it would look like this:

Auto #1 (value of $4k): $4000 -- fully exempt
Auto #2 (value of $7k): $2000 -- remaining auto exemption + $5000 wildcard exemption = fully exempt

Then you would still have the additional $5k wildcard to put towards other non-exempt items.

[mtbc]

I had stuff listed for the first 8 items of Schedule B. Is "she" your attorney though? If so, presumably they know how it's okay to list things such that the local judges, trustees, etc. won't mind.

What you can exempt probably depends on which exemptions you're taking? If I recall correctly, Federal does allow one computer among household goods, though we had a few and plenty of wildcard left so, although I had included them under line 4 of Schedule B, on Schedule C I just put them all under 522(d)(5) to avoid questions.

[BnkrptcyLwyr]

The total exemption can be used on multiple vehicles OR the same vehicle.

So if, for example, your exemption is $3000, and it's doubled to $6000. You can divide this figure up between your vehicles, or use it all on 1 vehicle.

THIS IS A WRONG ANSWER! (Assuming federal exemptions, you'll have to be really careful if you can only take state exemptions).

Under 11 USC 522(d)(2) you can take up to $3,450 of the debtor's interest in "one motor vehicle."

Therefore, the debtor must have an ownership interest in the vehicle (if he/she is not on the title, you can't claim the exemption). Also, you can only take the exemption against "one" vehicle. Usually, if there are multiple vehicles, you claim it against the one with the most equity (if any).

You DO NOT get to "spread it around." You can take 3,450 in ONE vehicle ... and if you can't use it all ... the rest is gone.

That said, you could, if any is available, exempt other vehicles with a "(d)(5)" (or "wildcard") exemption.

If you take state exemptions, then you must read what the state exemption statute says.

[montana59451]

Ok what about if you can only use MT state exemptions and you have a vehicle that is valued at $14806 and the loan is in the wife's name only, can she take the $2500 motor vehicle exemption AND because it is used as a pilot car also take the $3000 exemption for tools of the trade? That would equal a $5500 exemption. By the way she will be reaffirming on this vehicle anyway.