chapter 7 assets

[rapalapaul]

Ok I am forced into a bankruptcy I have a home that I owe 135000 sev value is 60,700 so 121400 right. A truck i owe 29000 on I think is worth 31-32k its a 2010 and its hard to get nada on it since it pulls up new car prices. Heres the kicker I have a side buss. I own a charter fishing company. Its very small has not made a profit in a couple years. I own a 1994 18 ft boat valued nada boat motor trailer at 3500-4000. I have a 2007 atv valued at 3500 and a 95 ford probe valued at 1500 but no way i can get that. I talked to 2 lawyers and they said I should have no problem keeping my stuff since they r older and fall under my exemptions. I am kinda confused on this so since my house in underwater I get to use the homested exemption. Iam in michigan so I have a choice to use the fed. over state. I am current on house and truck and want to keep that up. iam about 60k in cc and have a manufactered home I tried to rent for the last 2 years. I am letting the manufactured go back to bank. So R the attys right or they just tryn to get my money then i get screwed when I go to court and lose all my stuff

[TEW]

Ok I am forced into a bankruptcy I have a home that I owe 135000 sev value is 60,700 so 121400 right. A truck i owe 29000 on I think is worth 31-32k its a 2010 and its hard to get nada on it since it pulls up new car prices. Heres the kicker I have a side buss. I own a charter fishing company. Its very small has not made a profit in a couple years. I own a 1994 18 ft boat valued nada boat motor trailer at 3500-4000. I have a 2007 atv valued at 3500 and a 95 ford probe valued at 1500 but no way i can get that. I talked to 2 lawyers and they said I should have no problem keeping my stuff since they r older and fall under my exemptions. I am kinda confused on this so since my house in underwater I get to use the homested exemption. Iam in michigan so I have a choice to use the fed. over state. I am current on house and truck and want to keep that up. iam about 60k in cc and have a manufactered home I tried to rent for the last 2 years. I am letting the manufactured go back to bank. So R the attys right or they just tryn to get my money then i get screwed when I go to court and lose all my stuff

Take a look for yourself
http://www.bankruptcyaction.com/fedexemptions.htm

[newbie2]

Ok I am forced into a bankruptcy I have a home that I owe 135000 sev value is 60,700 so 121400 right. A truck i owe 29000 on I think is worth 31-32k its a 2010 and its hard to get nada on it since it pulls up new car prices. Heres the kicker I have a side buss. I own a charter fishing company. Its very small has not made a profit in a couple years. I own a 1994 18 ft boat valued nada boat motor trailer at 3500-4000. I have a 2007 atv valued at 3500 and a 95 ford probe valued at 1500 but no way i can get that. I talked to 2 lawyers and they said I should have no problem keeping my stuff since they r older and fall under my exemptions. I am kinda confused on this so since my house in underwater I get to use the homested exemption. Iam in michigan so I have a choice to use the fed. over state. I am current on house and truck and want to keep that up. iam about 60k in cc and have a manufactered home I tried to rent for the last 2 years. I am letting the manufactured go back to bank. So R the attys right or they just tryn to get my money then i get screwed when I go to court and lose all my stuff

If 2 attorneys have told you that you should be fine, I would trust the answer. Federal exemptions are better than Michigans, and you don't have equity in your home.

[ladyjenn]

Does this mean..

Federal Bankruptcy Exemptions
Homestead $20,200*
Life insurance policy with loan value, in accrued dividends or interest $9,850
$475 per item in any household goods up to a total of $9,850;
$9,850
Jewelry $1,225
Motor vehicle $3,225
Personal injury compensation payments $18,450
Tools of trade - books and equipment $1,850
Wild Card • $925 of any property $925

* unused portion of homestead to $10,125 may be applied to any property
NOTE: These are the major bankruptcy exemptions, effective April 1, 2007.
Check with your bankruptcy lawyer for a full exemptions list.

Does this mean we could use the "unused portion" towards anything we want to keep (protect)? My DH has a share to a cabin that we really want to keep. It would sell for $5K
It has been in the family for a long time and the share was handed down to him from his great uncle....
If that doesn't cover it in CH7, would we be able to keep it CH 13?

[newbie2]

* unused portion of homestead to $10,125 may be applied to any property
NOTE: These are the major bankruptcy exemptions, effective April 1, 2007.
Check with your bankruptcy lawyer for a full exemptions list.

Does this mean we could use the "unused portion" towards anything we want to keep (protect)? My DH has a share to a cabin that we really want to keep. It would sell for $5K
It has been in the family for a long time and the share was handed down to him from his great uncle....
If that doesn't cover it in CH7, would we be able to keep it CH 13?

Does your state allow Federal exemptions to be used? The OP in this thread is in Michigan, and Federal exemptions are allowed in Michigan.

[ladyjenn]

We are in PA. Here are our Fed exemptions....could we use the unused homestead on the cabin share of $5K? Our house is appraised at $76K with no equity, which we are current on and plan to keep.

WILD CARD
$925 of any property

Up to $8,725 of unused homestead exemption, for any property

[newbie2]

We are in PA. Here are our Fed exemptions....could we use the unused homestead on the cabin share of $5K? Our house is appraised at $76K with no equity, which we are current on and plan to keep.

WILD CARD
$925 of any property

Up to $8,725 of unused homestead exemption, for any property

I don't see why not.

[ladyjenn]

[QUOTE=newbie2;416723]I don't see why not.[/QUOTE

Good news!

[jadams]

You should not have any trouble using the unused portion of the federal homestead on the cabin.

I used mine for business inventory. It truly is "any" property.

[ladyjenn]

But if we are keeping our home and don't need the homstead exemption perse, can we still use it to cover the cabin share then?

[newbie2]

But if we are keeping our home and don't need the homstead exemption perse, can we still use it to cover the cabin share then?

Originally Posted by ladyjenn View Post
We are in PA. Here are our Fed exemptions....could we use the unused homestead on the cabin share of $5K? Our house is appraised at $76K with no equity, which we are current on and plan to keep.

WILD CARD
$925 of any property

Up to $8,725 of unused homestead exemption, for any property

Yes.