question regarding exemptions

[bkstuff]

I am confused about how the exemptions work. For instance,

1.) We have a 1st mortgage with a balance around $400k and a HELOC that we owe approx $80k on. (one from bank and the other from a Credit Union)
Our home is worth less than $400K - probably closer to $360K....so no equity.
2.) We have 2 cars. One paid for and Kelley Blue Book (private party sale) is valued at $3800. The other we are still paying on and is KBB priced around what we owe.

So, do we get credit towards personal belongings (like furniture, computers, jewelry, etc ) that we did not use since no equity in home and car?

Thanks for any insight.

[bkstuff]

found answer!

I think I just found my answer in another thread - Thanks~

[justbroke]

Yes, and make sure you look at both the Federal and Washington (State) exemptions, since you get to choose. Make sure you use the one that works better for you.

[bkstuff]

cash

After reading through the exemption area - I am still confused about cash. Can I use the $40k homestead exemption to cover some cash (don't have near that amount!) and other belongings?

Also, can you pick and choose between the federal and state on different categories or stick all on fed or state?

Sure hope an attorney will help with these forms!

[justbroke]

After reading through the exemption area - I am still confused about cash. Can I use the $40k homestead exemption to cover some cash (don't have near that amount!) and other belongings?

I don't believe that you can using the Washington Exemptions to exempt more than $200 in any account. Again, you get the Federal exemptions so you'll have to weigh this. This is one of the key functions of your attorney! Providing the proper advice on which exemption set to use.

Also, can you pick and choose between the federal and state on different categories or stick all on fed or state?

No. Only the "supplemental" can be used "in conjunction with". The others must be that you either use the Federal or you use the State, but not both.

Sure hope an attorney will help with these forms!

That's what you pay them for. You pay your attorney to provide you relevant legal advice on these specific issues, tailored to your specific case and need!