question about schedule C

[fitman1962]

[justbroke]

You list all sections of law which grant you the exemption. Since you can only use Federal "supplemental" exemption in Maine, you won't have many "11 USC 522" entries on Schedule C.

How much property do you have? You need to be suer to Exempt EVERYTHING and make sure you use the write law which gives you the Exemption.

In your example, I would have only put 14-4422(3).

[fitman1962]

ok thanks!

[justbroke]

However, if two exemptions apply, yes, you would list both (or all) of them separated by a semicolon (;). You can't use the Federal Exemptions at all. You can only use the Federal Supplemental which are mostly about Federal Employees and Retirees (including Military and RR).

[fitman1962]

could you please give me an example of what you mean by this? After your first reply things seemed pretty clear. Now I'm a bit confused again.

Thanks

[justbroke]

Let's say there's a piece of jewelry worth $1,100.00. (It is not your wedding band or ring). According to the Maine exemptions, you would use 14-4422(4) to exempt up to $750.00 of it. Let's say you want to use your wildcard exemption to cover the rest, which the $400 wildcard is 14-4422(15).

So you'd put teh following as the law(s) allowing the claim

14-4422(4); 14-4422(15)

[fitman1962]

oh ok that makes total sense. I would like to ask you one more question....In Maine it states that I have a $35,000 homestead exemption. Real or personal property. Do I actually have to own a home? I rent. What part of this exemption is Real estate and which part is personal property? Not sure if what I'm asking makes any sense. I am a total idiot when it comes to this stuff. I am determined to do it without a lawyer though since there is no way I can afford one.

Thanks

[justbroke]

oh ok that makes total sense. I would like to ask you one more question....In Maine it states that I have a $35,000 homestead exemption. Real or personal property. Do I actually have to own a home? I rent. What part of this exemption is Real estate and which part is personal property? Not sure if what I'm asking makes any sense. I am a total idiot when it comes to this stuff. I am determined to do it without a lawyer though since there is no way I can afford one.

Thanks

If you don't actually own a home, then you get an Additional Wildcard of $6,000.00 (14-4422(15)).

Unused portion of homestead exemption to $6,000 of animals, crops, musical instruments, books, clothing, furnishings, household goods, appliances, tools of the trade and personal recoveries

[fitman1962]

thank you so much! I think I"m actually going to be able to file this tomorrow.

[fitman1962]

If you don't actually own a home, then you get an Additional Wildcard of $6,000.00 (14-4422(15)).

I don't mean to sound like a jerk, but are you absolutely sure I don't need to own a home to use this exemption? This is up to $6,000 with no per item limit of $200?

Thanks!

[justbroke]

I don't mean to sound like a jerk, but are you absolutely sure I don't need to own a home to use this exemption? This is up to $6,000 with no per item limit of $200?

Thanks!

Sources:

1. http://www.bankruptcyinformation.com/ME_exemp.htm
2. Maine Statutes http://www.mainelegislature.org/legi...14sec4422.html
   
   

   16. Unused residence exemption. The debtor's interest, equal to any unused amount of the exemption provided under subsection 1 but not exceeding $6,000, in any property exempt under subsections 3 and 5 and subsection 14, paragraph D.

[fitman1962]

ok thanks again!

[fitman1962]

Hey, Do you know if there is any way to get a Sallie Mae loan discharged? I am hearing conflicting opinions about this from freiends and others. Some say it is dischargeable and others say it isn't.

Thanks

[justbroke]

Hey, Do you know if there is any way to get a Sallie Mae loan discharged? I am hearing conflicting opinions about this from freiends and others. Some say it is dischargeable and others say it isn't.

Thanks

If it's a student loan, it's non-dischargeable (except in very extenuating circumstances). If it's a home loan... it's dischargeable.

The list of non-dischargeable debts is pretty small.