My state has an either or exemption. We own the house but the equity is below our state's exemption. We also own a truck that is paid off and the equity is about $6,000 above the exemption. Since the house doesn't have a lot of equity will we be able to claim the exemption on the auto?
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It depends on the requirements of your state's exemption - and you don't mention which state so I think that is why you're not getting an answer. We don't know...Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
(In the 'planning' stage, to file ch. 13 if/when we have to.) -
It's NYS.Comment
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