Need help filling out schedule C exemptions (car)

[katfzl]

On schedule C - Exemptions - there are two columns:
Column 1: Value of claimed exemption
Column 2: Current value of property without deducting exemption
I have a car with loan. The amount still owed on the loan is $6097.10
The car is worth $3600.
The difference between what is owed and what it would sell for is $2497.10
What do I put in the columns? I am also re-affirming this debt and plan on keeping the car. I am using Federal exemptions-married (the other car is only worth $500).

[bkDude]

On schedule C - Exemptions - there are two columns:
Column 1: Value of claimed exemption
Column 2: Current value of property without deducting exemption
I have a car with loan. The amount still owed on the loan is $6097.10
The car is worth $3600.
The difference between what is owed and what it would sell for is $2497.10
What do I put in the columns? I am also re-affirming this debt and plan on keeping the car. I am using Federal exemptions-married (the other car is only worth $500).

I am not an expert, but it appears that you should be Zero as you have less than zero equity. I used My Equity as the amount and just finished my 341 with no problems last Monday.
I Am in CO by the way, you probably want to mention your state, because each state is different.
I would also suggest dropping that car, most people, and lawyers appear to avoid re-Affirm unless you owe very little on Car.

bkDude

[katfzl]

I don't have a lawyer (wish I did-can't afford it)... but do I put zero in the value of claimed exemption column and the loan amount of 6000 in the other column? I have to keep the car...

[bkDude]

I put my equity in both (value of... and current value of...), but I am in CO... They are notoriously lenient here.

bkDude

[katfzl]

I am filing in Arkansas using Federal exemptions. I have no idea if I will have problems or if they are lenient. So you listed 0 in each column? What about the loan, don't list that as it is listed elsewhere (schedule D creditors holding secured claims).