Checklist of What-To-Do's after Exemptions

[wkbaker]

Hello all. I have been researching for a while now and been reading on this site for 2 hours so please excuse any questions you guys have gone over. I just want to be sure I understood all of the information I've been sucking up so this is just a quick list of things I think I know and I would like anyone to tell me if I have it wrong. I am trying to make the best use of my money after I consider the exemptions available to me and without trying to hide any money but before I file. I will be filing in TN.

1. Stock up on groceries as much as possible, this would include buying a meat freezer and filling every extra space with food, paper towels, soaps, toothpaste, etc.

2. Pay ahead on my car note as much as possible since they most likely won't take it.

3. Get all medical visits out of the way. Pre-purchase any prescriptions or other health related items I know I will need at some point in the next couple of years.

4. I am renting a house now while trying to sell my house, pay up front on the rent of this house. I have already stopped paying the mortgage on the old house and I am hoping to sell it before foreclosure.

5. I write papers for college kids off Craigslist as a side job (we'll call it "typing" papers for college kids for this example). My current computer was a gift with no traces to me and is pretty old. TN has a $1900 Tools of the Trade exemption. So I could write a receipt for the service and file a return to show income, buy a new computer with desk and supplies to use up that exmption.

6. Buy life insurance policy for my children and up mine and my spouses.

7. Start a retirement fund and put as much money as I can in there.

Thank you for your responses since I am such a new member. Please tell me anything I have wrong or anything I should be adding to the list.

[SMinGA]

TN allows $4000 total exemption for personal property. That would include cash on hand/bank accounts, car, furniture, etc. Paying down your car would NOT 'protect' your excess cash as it would create more equity in the vehicle.

Not included in the $4000 - clothing, books. Tools of trade also has its own exemption, not included in the $4000. (Not sure if the $4k can be doubled for spouse?)

[wkbaker]

So my car being valued above 4k means that my furniture and cash on hand are likely to be taken? What about the equity in my car above the allowed 4k, I'm not sure of it's exact worth in this process.