Can the Wildcard exemption protect.....

[GettingGoing]

I know there has been a lot of tax refund question but I couldn't find an answer to this one. In my state we are allowed a $10,500 homestead exemption. We are about even on mortgage so we wont need to use it. Virginia's wildcard exemption says "Unused portion of homestead, of any personal property". We have not filed ch7 yet but will need to by the end of Feburary. We will get almost 8k back for a tax return around Jan 25th. Can the wildcard exemption protect this cash?

edit: after spending about 20 hours in the last 2 days reading the bk7 and pro se forums I just realized there is a exemption forum and my question should have been asked there. Sorry for the post in the wrong forum.

[JoeBankrupt33]

Yes, the exemption covers any personal property, including cash.

I found a blog from a lawyer in VA discussing this, which is a little more credible than me.

[GettingGoing]

Yes, the exemption covers any personal property, including cash.

I found a blog from a lawyer in VA discussing this, which is a little more credible than me.

Care to post the blog? Thanks for the info.

[JoeBankrupt33]

http://livesaymyers.blogspot.com/200...-virginia.html

Late in the post, they mention using the exemption for cash or a boat.

[rilbrianne]

I live in MI and we have the same exemption in the same amount for unused homestead. We had no home and no use for it either and I had specifically read in MI law that that exemption can be used for cash so I specifically listed it to protect my upcoming tax refund and it went through.

It never hurts to try if you are unsure but I know it covers cash here in MI.