SkankCheese
Member
What is the name of your state? North Carolina
What exactly is exempt property? I do not own a home, or real estate and will not be over the amount that I am allowed to have on any of my personal property. I do have a car, but I am currently upside down on it by about $5k. I have it listed in the schedule for Creditors Holding Secured Claims, I just am not sure what the exempt schedule is for. Would the vehicle go there, or would that only be for things that I have equity in- but not enought for the trustee to take it. Like if I had $1k in equity in it- I would need to claim the $1k as exempt? Or do I claim the whole car as exempt because I have no equity? And on that note, would I have to claim all my household goods, electronics, etc as exempt if they fall under the allowable amount?
Attempting to grasp the concept.
Thanks.
What exactly is exempt property? I do not own a home, or real estate and will not be over the amount that I am allowed to have on any of my personal property. I do have a car, but I am currently upside down on it by about $5k. I have it listed in the schedule for Creditors Holding Secured Claims, I just am not sure what the exempt schedule is for. Would the vehicle go there, or would that only be for things that I have equity in- but not enought for the trustee to take it. Like if I had $1k in equity in it- I would need to claim the $1k as exempt? Or do I claim the whole car as exempt because I have no equity? And on that note, would I have to claim all my household goods, electronics, etc as exempt if they fall under the allowable amount?
Attempting to grasp the concept.
Thanks.
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