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California Assets System 1 and 2 Confused!

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JohnErick

Member
What is the name of your state? California

Help!

I am finishing up a bankruptcy that I am doing myself and I am seriously stuck on one part. However I must file this by Wednesday and have the paperwork to my job or a wage garnishment is going to go into effect.

I am in the Assets part and have no idea what I am supposed to claim and under what. First of all, after suffering numerous layoffs and taking a very low paying job, I have virtually nothing of value left! This is seriously all I have that would possibly need to be included:

1. Television current value $100
2. Computer prob. worth no more than $200
3. Cash on hand in a checking account
4. Numerous average appliances
5. The clothes in my closet

No car, no pensions, stocks or anything a sensible person would have at age 40! Anyway, what do I put these under? System 1 or 2 and what exemption do these fall under?? I cannot for the life of me figure out where on here to claim cash on hand in my checking. I'm trying to be honest and don't want to mess this up!

If anyone can help, it would be more than greatly appreciated. Thank you!
 


Ladynred

Senior Member
First you must make a choice which system you are going to use 1 or 2, you can't mix and match. Pick one and fill out your forms accordingly.

As for your assets, you value your personal property at GARAGE SALE prices, NOT resale or replacement values. You have NO furniture or pictures or any other personal property ? You must include all your household goods, not just what you think is of any value. You just figure out what their value is using the garage sale pricing and put your numbers. A one-line entry with value for 'household furnishings', 'minor appliances', 'bed and bedding', etc.

On Schedule B, there are lines for : Cash on hand, checking, savings, or other financial accounts, security deposits.. etc. So put it there.

Your cash and checking, isn't specifically exempted in either system that I can see, except that it may fall under the $800 wild card for 'any property' in System 2.

Your personal property, in System 2, you can exempt the unused portion of a homestead, up to 15K, for personal property.

Do you have any idea what your exemptions are ?? Here's a link to the CA exemptions: http://www.thebankruptcysite.com/exemptions/california.htm

Hope this helps !
 

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