Things You'll Need:
- Bankruptcy Schedule C (see resource box)
- Bankruptcy Law 522 (see resource box)
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Step 1
Look at the top of the Schedule C form. You will see two boxes labeled "522(b)(1)" for federal bankruptcy law or "522(b)(2)" for state and local bankruptcy law. You must choose whether you are filing under a federal exemption law or a state exemption law. If you fail to claim an exemption you are entitled to, you could lose that property. If you claim property you should not, you could lose that property.
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Step 2
Describe the property that you are claiming. The description that you use should be the same as the description on Schedule B or A. For instance, if the property is a 2006 Astro Mini Van, this would be what you would enter. At this time, you may need to ask a lawyer to help you fill out the form if you have property of value. You do not want to make any mistakes. If you feel confident, then move on to step 3.
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Step 3
Enter the exemption law in the second column that pertains to your exemption (see resource box for 522 codes).
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Step 4
Enter the value of the exempt property you are claiming. This is what the property is actually worth. A house could be valued at $96,000 (value), but someone could buy it for $102,000 (current market value).
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Step 5
Enter the current market value of the exemption. This amount may not be the same as the value of the property as reported in column three.
