I see a lot of information on not using CREDIT CARDS when you are going to file Chapter 7, but what about using your bank account? I was thinking of buying some stuff with the money we are saving by not having to pay creditors. If I am understanding things right, we are way under exemption because we only have about $4,000 in the bank.
We are filing next month in NJ where our home is and we are using federal exemptions. The home is about $100,000 underwater thanks to a lousy housing market and the poor conditions of the property and has no equity. The information I've read suggest that we can use the home equity exemption for a wildcard...bringing the total exemption to $13,100 for single and $26,200 for joint. Am I reading that right?
We are filing next month in NJ where our home is and we are using federal exemptions. The home is about $100,000 underwater thanks to a lousy housing market and the poor conditions of the property and has no equity. The information I've read suggest that we can use the home equity exemption for a wildcard...bringing the total exemption to $13,100 for single and $26,200 for joint. Am I reading that right?
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