Question regarding Equity in Home

[nfreeze]

[ccsjoe]

Jeff, any property means literally anything else.

Good luck

[nfreeze]

Thanks- so based on that, since MN does not have a wild card, it would be better for me to use the Federal Exemptions and exempt the money in the business checking account?

Thank you for your input. I just thought that all cash was going bye bye...

[nfreeze]

Oh I forgot, the reason I am thinking I would be able to exempt the checking account is based on no equity in the house since I am upside down. Do you think I am reading this correctly?

Thanks again.

[ccsjoe]

To my understanding I believe you are reading it correctly. In my case, we listed our car as non-exempt because the loan is more than it is worth, so no asset to exempt from the trustee. I believe same applies to your home, so using the federal for the wildcard would seem the way to go for you.

[nfreeze]

Thank you again for the response. I am exempting $1,400 on my vehicle because I owe $5500 and it is worth $6900. I am allowed up to $2000 on federal and $4400 on Minnesota. So I still am able to get by with the federal exemption.

I don't know. The business bank account is the only thing the trustee could take if I do not exempt it somehow.

I agree with you in that the $$ is "property". Since I do not have 401K or anything like that to concern myself with, it is the only thing that would change my case from an asset case to a no asset case and save some hassles.

Anyone else had this experience or lend any feedback?

Thank you CCSJOE! I have watched the board for a couple weeks. You sure do try to help people. I appreciate your input.

Best regards!

[tcreegan]

state or federal exemptions but not both

Hello nfreeze,

I might be mistaken, but I think Minn. allows you to use either the state or federal exemptions but not both. You mentioned exempting some pay w/ Minn. exemptions and then using federal exemptions later. Don't want you to get caught in the middle there....

Tom in Colo

[nfreeze]

Hi Tom- you are absolutely correct. After review of the Federal Exemptions and the homestead issue, there is enough to cover everything using the Federal only. Its one or the other but not both.

Thanks Tom for the input.