Home and Auto Equity Question

[Falcon]

I purchased a home in April of 2009, so I have absolutely NO equity in the home. I have a truck that is payed off, but is worth about $7,000 at most as it is. Its an F150 with 138,000 miles on it. I know the auto equity limit is 3,000 or so, and the home equity here in Georgia is 10,000......

.....now, if I have read this board correctly, does that mean I can use the 10,000 home equity allowance to make up the difference in the high auto equity?

Nick

[lalap123]

Hi,
Yes, this is my understanding. Unfortunately (never thought I'd say that), I do have equity in my home, but from what I've read you can apply some or all of the home exemption to other assets.

In what part of GA do you live? I'm in the northwest, near Marietta. Hopefully I'll be filing on February 1. PM me if you have any other GA-specific questions and I'll try to answer.