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  1. #1
    Join Date
    Aug 2008
    Posts
    1

    Default Completing Chapter 7 Schedules

    My question involves bankruptcy in the state of: NY. (NYC, southern district to be precise).

    I'm nearly done with all my paperwork for ch 7, and I am meeting with an attorney, but I like to be certain and do my own research so I stay informed. Perhaps one of the experts on here can help (I've seen some of your responses to other questions and it's amazing how useful this forum is!):

    1. Schedule B: Line 12 I am going to list my 401k. The current market value is $10,000 but i have a loan against it for $2,000. Do I enter $10,000 or $8,000? (I *think* I enter $10,000??)
    2. Schedule B: Line 25 I am going to list my automobile vehicle. Current Kelley Blue Book value is $24,000 but i have a loan against it for $29,000. Do I enter $24,000 or $0? (I *think* I am supposed to enter $24,000??)
    3. Schedule C: I am going to list my 401k here, but what amount do I put in "Value of Claimed Exemption" and what do I put in "Current Value"? Would it be $10,000 for both even though my loan nets me to $8,000? But it doesnt matter since 401k is exempt?
    4. Schedule C: I am going to list my automobile here, but what amount do I put in "Value of Claimed Exemption" and what do I put in "Current Value"?
    5. Form 22A. Line 42. I own my co-op in NYC, so I am listing my mortgage here. But what about the monthyl maintenance charges I am required to pay to the co-op? Even if I did not have a mortgage, I am bound to pay the monthly maintenance which is secured (I beieve) by my apt. Surely my co-op is not the first one involved in a NYC bankruptcy. So, I guess the question is where is the proper place on Form 22A for me to capture my maintenance charge of $1,000. I thikn it goes on line 42? If not, would it go on line 21??


    Thank you for your help!

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Completing Chapter 7 Schedules

    It's beyond what we can reasonably do here, to guide you through the completion of forms. Without the ability to check your figures or access to the full facts, we could easily give you the wrong answers. Check to see if there are paralegal services in your area that can help you, or consider using a lawyer.

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