Personal Bankruptcy Chapter 7 Exempt property

[zama270]

I have decided to fill out the forms to file chapter 7 on my own.

So far, I am doing pretty good, My question is this: It says I can claim some property exempt under Governing Law. I live in New York State.

Am I able to claim all my household furnishings? such as furniture, TV, PC etc.?

Can I claim the vehicle that I just bought. Its a 2001 Chevy Blazer, 65,000 miles. I paid $9,900.00 and entered into a loan at $325,00 per month. I have not even made my first payment on it as of yet.

If I am able to claim any of the above, Do I use the Schedule C - Property As Exempt form ? If so, How do i know which specific law I state for these particular exemptions. theyhave a box for that as well

thank you

 

[Michael Wechsler]

Glad that you are doing well despite your hard times. In addition to one's home, the IRS does provide for protected property in the event of a Chapter 7 declaration. There are many who provide charts for State and Federal exemptions and I'll see if we can find some.

Originally posted by zama270
I have decided to fill out the forms to file chapter 7 on my own.

So far, I am doing pretty good, My question is this: It says I can claim some property exempt under Governing Law. I live in New York State.

Am I able to claim all my household furnishings? such as furniture, TV, PC etc.?

Can I claim the vehicle that I just bought. Its a 2001 Chevy Blazer, 65,000 miles. I paid $9,900.00 and entered into a loan at $325,00 per month. I have not even made my first payment on it as of yet.

If I am able to claim any of the above, Do I use the Schedule C - Property As Exempt form ? If so, How do i know which specific law I state for these particular exemptions. theyhave a box for that as well

 

[Michael Wechsler]

Federal Exemptions that are in addition to and supplentary to New York Exemptions:

INSURANCE

• Annuity contract benefits due debtor who paid for contract where purchased within 6 months prior & not tax-deferred, only up to $5000
• Disability/illness benefits to $400 per month
• Life insurance proceeds at death where clause limits payment ot creditors
• Life insurance proceeds where person creating policy is spouse of the insured

Applicable Law: Insurance 3212(c) and (d), 321(b)(2), Debtor & Creditor 283(1), Estates, Powers & Trusts (EPTL) 7-1.5(a)(2)

HOMES

Real property including co-op, condo or mobile home, to $10,000. (5206(a))

PERSONAL PROPERTY

• Books to $50 and unlimited for Bible and school books; pictures; clothing; religious pew or seat; stoves with fuel to last 60 days; sewing machine; domestic animal with food to last 60 days, to $450; food to last 60 days; furniture; refrigerator; TV; radio; wedding ring; watch to $35; crockery, cooking utensils and tableware needed, to $5000 total (with farm machinery, etc.)
• Burial plot, without structure to ¼ acre
• Cash, the lesser of (i) $2500 and (ii) amount that with annuity equals $5000; in lieu of homestead
• Health aids, including animals with food
• Lost earnings recoveries needed for support
• Motor vehicles up to $2400
• Lawsuit Awards: Personal injury awards up to $7500 (not to include pain and suffering) and wrongful death awards for a person which you may have depended upon for support
• Security deposits to landlord, utility company
• Trust fund principal, to 90% of income

Applicable code: 5205(1)-(6) and see subsections (c), (d), (g) and (h), Debtor & Creditor 283(1) and (2) and (3)(iii) & (iv), 5206(f), Debtor & Creditor 282(1) and (3)(ii).

 

[LarryPW]

I am in Arizona also trying to decide if I should check the box:

11 U.S.C. 522(b)(1) or...
11 U.S.C. 522(b)(2)

It appears to me that the better selection is Section 522(b)(2).

Am I correct in my understanding that Section 522(b)(2) allows federal exemptions in addition to and supplementary to that which is allowed by Arizona Law?

Where can I find the charts for State and Federal exemptions?

Thanks,