Question about Individual exemptions when married

[jonance]

Hi,

Just a quick question....i know on the house, if i file individual the equity is divided in half since my spouse isn't filing. Then i get my individual exemption.

How about household goods, furniture and things like that? How does that work for a married person filing individually?

[jonance]

bump?

[aljohnson007]

Hard to answer with the info provided.

What State are you filing in?
Are all the debts individual (yours)?
Do you pass the means test?

Try to give us at least some info to consider what is your best option.

[jonance]

Thanks for the response...

I'm in KY so i can use the Federal Exemptions

All the debts are only mine

Wouldn't pass the means test but don't have to because my debts are nearly ALL business (non-consumer) debts. About 600k in investment property mortgages and a 40k line of credit. My only other debt is my 180k mortgage on my primary residence. So I'd be in chapter 7.

Thanks
John

[aljohnson007]

I may be misinformed but I think you may not be eligible for Ch7 if your debts are primarily nonconsumer. I suggest and strongly urge you to get a few free attorney consults. Perhaps someone else here may have a better abswer. Let us know how you progress and good luck.

[jonance]

Actually you have it backwards. Non-consumer debt makes you exempt from the means test, making me eligible for Chapter 7. If they were consumer, i would not be.

[aljohnson007]