Chapter 7 Questions?

[raybert860]

What is the name of your state?Washington
#1 I live in a community state, Am married and am filing jointy, on all the schedules do I put J for joint or C for community.
#2 Is a mobile home we own free and clear, it is in a park we rent space, Is it Real property, or is it personal property, Need to know for schedule A & B
#3 Don't understand what to put on schedules D E and F where it asks about contingent and unliquidated. I know I don't put disputed as the claims are not in error. Sorry if too long but really need the help. Thank You.

 

[Ladynred]

#1 I live in a community state, Am married and am filing jointy, on all the schedules do I put J for joint or C for community.

If BOTH names are on the accounts/assets, like a joint credit card, then use J for joint. If its listed in 1 name only, but it was acquired or used during the marriage, use C for 'community'.

#2 Is a mobile home we own free and clear, it is in a park we rent space, Is it Real property, or is it personal property, Need to know for schedule A & B

Put it down as real property and use the homestead exemption:

The homestead exemption amount generally may not exceed the lesser of (1) the total net value of the lands, mobile home, improvements, and other personal property, as described in RCW 6.13.010, or (2) the sum of $40,000.00 in the case of lands, mobile home, and improvements, or the sum of fifteen thousand dollars ($15,000.00) in the case of other personal property described in RCW 6.13.010.

#3 Don't understand what to put on schedules D E and F where it asks about contingent and unliquidated.

Contingent means you would only owe the debt IF or WHEN something else happens. For example, if you co-signed a car loan, you would only be liable for the debt IF the primary signer defaulted on the loan.

Or, if someone is suing you and you don't know what you'd end up owing if you lost, its contingent upon a you losing a lawsuit which may not happen tomorrow or ever.

Unliquidated means a debt may exist, but the exact amount hasn't been determined.

So some debts could be contingent AND unliquidated.