Federal Exemptions - Married

[RickInMich]

Well, tomorrow is the day for filing. I'm starting to panic about various things, but I know we have to do this. But I have a question. On the Federal Exemptions, it says "Married couples may double all exemptions." I know that seems pretty obvious, but I want to make sure.

For personal property, it lists "Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $425 per item, "$9,300 total." Because we're married and jointly filing, does that mean we can exempt $18,600 total?

Jewelry, it says to $1,150. So that would be $2,300, right?

Lastly, the Wild Card. "$925 of any property. "Up to $8,725 for unused homestead exemption, for any property. So that would be $17,450 we can use as a wild card?

That last one I'm particularly interested in. We have a 1st and 2nd mortgage, and combined we have no equity at all. So if I understand, for the homestead, we could then use that entire $17,450 for a wild card?

Thanks.

[Hillbilly]

I have also been wondering and worrying about this matter, and wish the "experts" would give us an unambiguous reply.

[WantToBeDebtFre]

According to my attorney you can use that entire amount for a wild card. I live in Michigan and have no equity in my home. I was worried about having money in my checking account at filing because of stuff I've read on this site. My attorney told me not to worry about it because I had PLENTY of exemptions to cover it. He said even if I had 4K - 8K in my bank account not to worry.

[ssdsco]

Well, tomorrow is the day for filing. I'm starting to panic about various things, but I know we have to do this. But I have a question. On the Federal Exemptions, it says "Married couples may double all exemptions." I know that seems pretty obvious, but I want to make sure.

For personal property, it lists "Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $425 per item, "$9,300 total." Because we're married and jointly filing, does that mean we can exempt $18,600 total?

Jewelry, it says to $1,150. So that would be $2,300, right?

Lastly, the Wild Card. "$925 of any property. "Up to $8,725 for unused homestead exemption, for any property. So that would be $17,450 we can use as a wild card?

That last one I'm particularly interested in. We have a 1st and 2nd mortgage, and combined we have no equity at all. So if I understand, for the homestead, we could then use that entire $17,450 for a wild card?

Thanks.

This is how my attorney explained it to me. I may have a shot at getting the very generous federal exemptions.

[pa308]

[SinkingFast]

Yep!

When it says "Married filing Joint, Debtors may double" means exactly that.

If you're allowed $10K in Homestead Exemption and both spouses file, you can protect $20K in equity.

[Hillbilly]

Then the Federal Exemption of 11 USC;

522(d)(1) Real property, including mobile homes and co-ops, or burial plots up to $20,200.

would be doubled to $40,400 for those Married Filing Jointly?
And that ...

Unused portion, up to $10,125, may be used for other property.

is also to be doubled?
Just wondering why, if that is the case, that you used "$10K" in your example? Seems confusing