Which box do I check on Schedule C if I want to keep the vehicle I have listed?
Question Details:
I am filing Chapter 7 bankruptcy on my own and I am not sure which box to check. I am putting my vehicle down so what do I do to exempt my car.
The fact that you are asking this questions means that you need to hire an attorney. Which box to check and which exemption scheme you need to use depends on a number of factors and varies from state to state.
Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections. Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
bankruptcy blog: http://bklaw.com/bankruptcy-blog/
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