On Schedule B for Bankruptcy, do I deduct the $731 from value? 15 Answers as of May 02, 2014

Filing Chapter 7 - Have car that is valued by nada.com and kbb.com at $1,975.00. Owe only $731 on car. $731 is delinquent - will negotiate with lender and intend to "reaffirm" so I can pay off car and get title.

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Law Office of Susan G. Taylor
Law Office of Susan G. Taylor | Susan G. Taylor
You need the help of a lawyer; you need to list the $731 on Schedule D secured debt.
Answer Applies to: Texas
Replied: 5/2/2014
Ronald K. Nims LLC | Ronald K. Nims
No, you state the entire value on Schedule B and you list the lender and the outstanding debt on Schedule D. The new value of the car will show up on Schedule D. Then you take the exemption on Schedule C for the value of the car. And you send the Statement of Intention to the lender and file a certificate of service with the court.
Answer Applies to: Ohio
Replied: 4/30/2014
EDWARD P RUSSELL | EDWARD P RUSSELL
You put the full value of $1,975 in Schedule B and then link Schedule B to Schedule D which will have the name and address of the creditor with an amount due of $731; the difference is the exemption.
Answer Applies to: Minnesota
Replied: 4/28/2014
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
No, list the fair market value only without regard to lien.
Answer Applies to: Colorado
Replied: 4/28/2014
Garner Law Office
Garner Law Office | Daniel Garner
Schedule B calls for market value without deducting what you owe.
Answer Applies to: Oregon
Replied: 4/28/2014
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    You show it in the lien amount. Check the box "reaffirm" on the statement of intentions.
    Answer Applies to: California
    Replied: 4/28/2014
    Steele, George, Schofield & Ramos, LLP
    Steele, George, Schofield & Ramos, LLP | Alan E. Ramos
    You don't deduct anything from the value. You list the value on Schedule F, the amount owed on Schedule D and the exemption that you are claiming on Schedule C.
    Answer Applies to: California
    Replied: 4/28/2014
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    You don't deduct any value on Schedule B. The amount that is exempt after the loan on Schedule D is placed on Schedule C.
    Answer Applies to: Nevada
    Replied: 4/28/2014
    Detroit Lawyers, PLLC
    Detroit Lawyers, PLLC | Nick Best
    List the value on B and add the $731 as a lien. Exempt the equity on Schedule C. Make sure the creditor is listed under Schedule D and reaffirm if you want on the statement of intent.
    Answer Applies to: Michigan
    Replied: 4/28/2014
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    You should put the total debt and the total value.
    Answer Applies to: New York
    Replied: 4/28/2014
    Patrick W. Currin, Attorney at Law | Patrick Currin
    Yes. Reaffirmation may be done but is not strictly necessary. As long as you make a deal and keep paying, the lender will take no action.
    Answer Applies to: California
    Replied: 4/28/2014
    Law Offices of Eric W. I. Anglin
    Law Offices of Eric W. I. Anglin | Eric W. I. Anglin
    Assets should be listed at fmv on sch a and b. secured liens listed on sch d. Exemption value which is fmv - liens is listed on sch c.
    Answer Applies to: Indiana
    Replied: 4/28/2014
    Tokarska Law Center
    Tokarska Law Center | Kathryn U. Tokarska
    No, you list the value of the property without taking into consideration any loans. Schedule B specifically says "current value of Debtor's interest in property without deducting any secured claim or exemption". On Schedule C you will exempt your equity. On Schedule D you will list the current balance on the loan. You will also provide in the packet of supporting documents to your Trustee prior to the 341 hearing which includes among other things: a copy of most recent car loan statement verifying what is owed, car registration verifying a lien holder, and a print out of nada.com valuation verifying value of the vehicle. This assumes you are in the Southern District Bankruptcy Court (handling San Diego cases). If you are in a different court the "supporting documents" portion of the answer may be different as different districts apply different requirements as far as what documents need to be provided to the Trustee prior to the 341 hearing. Check your court's website to verify what is needed.
    Answer Applies to: California
    Replied: 4/28/2014
    Law Office of Barry R. Levine | Barry R. Levine, Esq.
    No. You list the secured loan on schedule D.
    Answer Applies to: Massachusetts
    Replied: 4/28/2014
    Idaho Bankruptcy Law | Paul Ross
    No, you list the full value of the vehicle. Liens are listed on Sch D.
    Answer Applies to: Idaho
    Replied: 4/28/2014
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