who used federal exemptions instead of state exemptions???

[ecsclb1724]

Just wondering who used federal exemptions instead of state exemptions in your case and why you chose to do so?

[anuta]

We used Federal exemptions. In our case the fed exemptions were much more adventageous. Plus our lawyer advised us to do so.

[music12]

you would use the federal exemption when the state didn't bother to update its exemptions. like, if the state exemptions include a cow, a horse, and a couple of sheep...

[tdawg]

used federal exemptions in Washington state because it allowed me to exempt cash and tax return since I have no equity in my house.

[OHBOY]

you would use the federal exemption when the state didn't bother to update its exemptions. like, if the state exemptions include a cow, a horse, and a couple of sheep...

One would also use State exemptions, in states that do not have federal exemptions available, as is the case in Florida.

[wantout]

My state uses its own exemptions...

[gwar11d2]

I used Fed because I had a property I was surrendering out of state and also, my Lawyer advised me to do it.

[music12]

also be aware that only some states allow you to use fed exemptions, so you don't always have a choice.

[backtoschool]

I used Federal exemptions because of the generous wildcard, and because I could used the homestead exemption as a wildcard because I don't own a home.

[StartinOver]

Can you use the federal homestead exemption as a wild card if you do own a home but are surrendering it? (If it matters, it's underwater and we are in foreclosure, planning to file just in time to stave off the sheriff sale to buy some time)

[daylate]

Yes. You can use the wild card portion of the fed exemption if you surrender a house in bk (assuming using fed exemptions is allowed). And to answer your question, people use whichever is most advantageous to them if they have a choice. If no choice, you are pretty much stuck with what you get. One great thing to know is that if you haven't lived in your state for 2 years prior to filing, then you have to use the exemption rules from your old state. BUT and this a big but (no not that kind,) many states don't let you use their exemptions if you are no longer a resident or a domicilary (ie. live there). Then you are "forced" into using federal exemptions. That was our situation and it was beneficial.

[BAR]

I used ther Fed too. It gave me alot better advantages then my state does.

[rustymich]

Me in Pa,Pa perfers you live out of a box afterwards much better advantages with Federal...

[StrawberrySu]

I will be using Fed Exemptions when I file, because I will have moved to North Carolina. I will have almost $24,000 in wild card exemptions I can use that way. Some will be used to cover excess value in our vehicles, the rest will be cash. I am so happy about that, too!

I, along with probably most people, have no equity in my home. Everyone says "stop paying the house payment and save up the money." But then BK doesn't allow you to have much money. So what do you do with the money you save? I know, I know, all the stuff you put off paying for, and I plan to do that. But I will feel so much more secure going into a BK knowing we will at least have a little savings.

They say the BK system doesn't want you to be destitute, but yet you are only allowed a small amount of DMI every month. No savings unless you can get it through an exemption. Maybe I am used to having too much DMI, but the thought of having less than two hundred bucks left over each month terrifies me more than a trustee, lol.

[jacko]

What about contributing to a exempt IRA?

I will be using Fed Exemptions when I file, because I will have moved to North Carolina. I will have almost $24,000 in wild card exemptions I can use that way. Some will be used to cover excess value in our vehicles, the rest will be cash. I am so happy about that, too!

I, along with probably most people, have no equity in my home. Everyone says "stop paying the house payment and save up the money." But then BK doesn't allow you to have much money. So what do you do with the money you save? I know, I know, all the stuff you put off paying for, and I plan to do that. But I will feel so much more secure going into a BK knowing we will at least have a little savings.

They say the BK system doesn't want you to be destitute, but yet you are only allowed a small amount of DMI every month. No savings unless you can get it through an exemption. Maybe I am used to having too much DMI, but the thought of having less than two hundred bucks left over each month terrifies me more than a trustee, lol.