1 minute read

How to tell if you have property that is not protected by an exemption

Upsolve is a nonprofit tool that helps you file bankruptcy for free. Think TurboTax for bankruptcy. Get free education, customer support, and community. Featured in Forbes 4x and funded by institutions like Harvard University so we'll never ask you for a credit card. Explore our free tool


In a Nutshell

Schedule A/B lists everything you own. Schedule C lists all everything you own that is protected by an exemption. Here is how you can tell what’s protected by an exemption by looking at your Schedule C, complete with an example to illustrate what it means when something is only partially exempt.

Written by Attorney Andrea Wimmer.  
Updated August 10, 2020


Schedule A/B lists everything you own. Schedule C lists all everything you own that is protected by an exemption.

Here is how you can tell what’s protected by an exemption by looking at your Schedule C, using the example below:

Sample Schedule C

The columns labeled as A1 and A2 just repeat what you’ve already listed on your Schedule A/B: your property and its value. 

The column labeled B lists the amount of the claimed exemption and column C lists the specific law that provides for this protection. 

In the example above, the Furniture and the CARES Act Stimulus is fully exempt. You can tell because the number in A2 matches the number in B. The vehicle, on the other hand, has some nonexempt equity. The value of the car is greater than the available exemption. This means that the car is only partially exempt. 

Anything that is listed on your Schedule A/B that does not also appear on your Schedule C is a nonexempt asset



Written By:

Attorney Andrea Wimmer

TwitterLinkedIn

Andrea practiced exclusively as a bankruptcy attorney in consumer Chapter 7 and Chapter 13 cases for more than 10 years before joining Upsolve, first as a contributing writer and editor and ultimately joining the team full time in August 2019. While in private practice, Andrea ha... read more about Attorney Andrea Wimmer

It's easy to get help

Choose one of the options below to get assistance with your bankruptcy:

Free Web App

Take our screener or read our bankruptcy F.A.Q. to see if Upsolve is right for you.

Take Screener
5,371 families have filed with Upsolve! ☆
or

Private Attorney

Get a free bankruptcy evaluation from an independent law firm.

Find Attorney

Bankruptcy Learning Center

Research and understand your options with our articles and guides.

Go to Learning Center →

Already an Upsolve user?

Read Support Articles →

Upsolve is a 501(c)(3) nonprofit that started in 2016. Our mission is to help low-income families who cannot afford lawyers file bankruptcy for free, using an online web app. Spun out of Harvard Law School, our team includes lawyers, engineers, and judges. We have world-class funders that include the U.S. government, former Google CEO Eric Schmidt, and leading foundations. It's one of the greatest civil rights injustices of our time that low-income families can’t access their basic rights when they can’t afford to pay for help. Combining direct services and advocacy, we’re fighting this injustice.

To learn more, read why we started Upsolve in 2016, our reviews from past users, and our press coverage from places like the New York Times and Wall Street Journal.

Close

Considering Bankruptcy?

Try our 100% free tool that thousands of low-income families across the country have used to file bankruptcy themselves. We are funded by Harvard University, will never ask you for a credit card, and you can stop at any time.

File Bankruptcy for Free