Bad.......

[doomed]

I agree that this reference guide should be a sticky. I'll email a Mod. I also created this blog entry for easy access to the whole thing.

http://www.bkforum.com/entry.php?383...ral-Exemptions

Good job Joe, thanks again.

Still no word from our attorney. Guess we won't hear anything til next week now. He must be letting us "cool down" - obviously I should have warned him I'm a Southern belle and there is no such thing as "cooling down" for me . .

[doni49]

Just out of curiosity, which exemptions are you HOPING for?

In my case, the federal will be more beneficial for me.

[doomed]

Just out of curiosity, which exemptions are you HOPING for?

In my case, the federal will be more beneficial for me.

We were hoping for and told we were going to use the federal exemptions. The trustee said we can't. Thus, all of our stuff that was protected with the federal exemptions -- not anymore.

[tyson24]

We are using the federal as well, but if your attorney told you you could use them and you cannot...Oh I would be so mad! Sorry you are going though this. Would you rather dismiss your case than take the other exemptions?

[tobee43]

that's why i'm pressing the dismissal....but with another atty...and for reason's i can't know at the moment....but this dumb guy messed up......

[doomed]

Thanks, I don't know what our options are for a dismissal. I've now gotten a "job" that would put us out of the means test! UGH! And still . . no call from the attorney. I'm gonna make myself sick with worry this weekend.

[backtoschool]

Thanks, I don't know what our options are for a dismissal. I've now gotten a "job" that would put us out of the means test! UGH! And still . . no call from the attorney. I'm gonna make myself sick with worry this weekend.

In a chapter 7, you do not have any control of your dismissal, it is up to the trustee. Any job that you just got, will not really affect your six month look back period.

What exemptions are you losing from your transfer from Federal to Maine exemptions? Maybe we can all figure out how you can exempt more items so you are not losing as much as you think.

[doomed]

In a chapter 7, you do not have any control of your dismissal, it is up to the trustee. Any job that you just got, will not really affect your six month look back period.

What exemptions are you losing from your transfer from Federal to Maine exemptions? Maybe we can all figure out how you can exempt more items so you are not losing as much as you think.

Thanks backtoschool. Maine has a 2500 exemption for cars (My husband has 8k in equity in his car) and they have that 6k wildcard homestead exemption but I don't think we can use it. They have a max $200 per item exemption. We have his dad's guitars, an antique derringer, a television, and some other items that will be on the chopping block now. That stuff I don't really care about but the husband is taking it hard. Also, we have about $6000 in savings that is the trustees and I'm not aware of any Maine exemption to protect it.

I know I sound like a jerk, wanting to hold on to all of this stuff, because the point of bankruptcy is liquifying your assets and starting over. I've felt like I should be punished but we were assured that under the federal exemptions we would come out no worse for the wear (asset wise, at least) and its just been a bitter pill to swallow that its changed.

Another thing has occurred to me -- in the shocked state I was in to find out we couldn't use federal exemptions, it didn't occur to me until just a few hours ago he didn't mention our reaffirmation of my husbands car, which we were hoping to do (he still owes money on it) . . Does this mean it wasn't done?? I mean, obviously he's not gonna let us reaffirm it because he's gonna sell it, but I don't know if the paperwork was even done for it.

[ccsjoe]

I like the derringer, but I digress. I would do two things: 1. Put the screws, nuts, bolts, pincers whatever to that idiot that calls himself an attorney, and see what solution he comes up with....and be relentless about it, and 2. I'd fine tooth comb the Maine exemption schedules and itemize the must keep assets you have to see where we are at.

[backtoschool]

Thanks backtoschool. Maine has a 2500 exemption for cars (My husband has 8k in equity in his car) and they have that 6k wildcard homestead exemption but I don't think we can use it. They have a max $200 per item exemption. We have his dad's guitars, an antique derringer, a television, and some other items that will be on the chopping block now. That stuff I don't really care about but the husband is taking it hard. Also, we have about $6000 in savings that is the trustees and I'm not aware of any Maine exemption to protect it.

I know I sound like a jerk, wanting to hold on to all of this stuff, because the point of bankruptcy is liquifying your assets and starting over. I've felt like I should be punished but we were assured that under the federal exemptions we would come out no worse for the wear (asset wise, at least) and its just been a bitter pill to swallow that its changed.

Another thing has occurred to me -- in the shocked state I was in to find out we couldn't use federal exemptions, it didn't occur to me until just a few hours ago he didn't mention our reaffirmation of my husbands car, which we were hoping to do (he still owes money on it) . . Does this mean it wasn't done?? I mean, obviously he's not gonna let us reaffirm it because he's gonna sell it, but I don't know if the paperwork was even done for it.

The reaffirmation hearing is a separate hearing. My guess is that your attorney filed the paperwork. You would have signed something.

As of December 2009, it looks like the car exemption went up to $5,000. Here is the link (I found it before ccsjoe!) http://www.mainebankruptcy.com/exemptions.html


Used household items go for pennies on the dollar and should be appraised as such. Nothing you listed above, except maybe for the antique gun, would be precluded from your household items exemption.

Musical Instruments can be exempted under the "tools of the trade" exemption if you have ever played them in front of other people. Otherwise you can cover them with your unused homestead exemption.

Put the 6k in an ira (you are each allowed 5k per year) and it will be exempted.

If you are not exempting equity in a home, then you should be able to use the 6k wildcard exemption from the unused homestead for you household goods, and the instruments.

Buy the antique derringer back from the trustee at a discount.

[SunkShip]

Since your lawyer messed this up I would insist that he consult with a Maine Lawyer at his cost to get clear information on Maine exemptions.

Here are my thoughts as someone in Maine going through this: Maybe you can combine some of the maine exemptions below to cover your personal goods. The cash will be much harder to cover, as maine only allows up to $400 of "any property" which is the only place cash/savings can be exempted. My understanding is the $6000 unused homestead exemption can be spread over several items or one valuable item, but that item must fall into the categories underlined below.

14-4422 - Motor vehicle up to $5,000; cooking stove; furnaces and stoves for heat; food to last 6 months; fuel not to exceed 5 tons of coal, 1,000 gallons of oil, or 10 cords of wood; health aids; 1 wedding ring & 1 engagement ring; other jewelry up to $750; up to $200 per item for each of the following: household goods & furnishings, clothing, appliances, books, animals, crops, and musical instruments; lost earnings payments needed for support; feed, seed, fertilizer, tools and equipment to raise and harvest food for 1 season; wrongful death recoveries needed for support; personal injury recoveries up to $12,500; $400 of any property. Burial plot for the debtor or a dependent of the debtor, in lieu of homestead exemption.

14-4422 - Unused homestead to $6,000 or unused total for tools of trade, personal injury recoveries, or household goods & furnishings, clothing, appliances, books, animals, crops, and musical instruments.

14-4422 -Tools of the Trade: Books, materials, and stock up to $5,000; 1 of each type of farm implement necessary to raise and harvest crops; 1 boat not to exceed 5 tons used in commercial fishing.

[doomed]

Wow you guys, thank you so much for all of this. I've just read all of your responses to my DH and it has been very heartening to us. Thank you all so very, very much.

The 5k car exemption is AWESOME! Would it be possible to put some of the 6k wildcard exemption towards the extra 3k in equity we have?

Also, backtoschool, you said to put the savings in an IRA -- can we still do this, even though we had our 341 and the trustee knows about the cash????

[backtoschool]

Wow you guys, thank you so much for all of this. I've just read all of your responses to my DH and it has been very heartening to us. Thank you all so very, very much.

The 5k car exemption is AWESOME! Would it be possible to put some of the 6k wildcard exemption towards the extra 3k in equity we have?

Also, backtoschool, you said to put the savings in an IRA -- can we still do this, even though we had our 341 and the trustee knows about the cash????

If the money is sitting in your non-exempt bank account, you can't put it into the ira, it's already become part of the estate. But if you end up going for a voluntary dismissal based on the attorney's negligence and then you refile in a couple of months, you can put the money in an ira for your refiling. When I wrote that I was forgetting that you are done with your 341.

Most exemptions can be doubled for married couples filing, so I would check and see if your 5k car exemption can be doubled and your 6k unused homestead wildcard can be doubled. That should cover everything but the 6k cash. It looks like $400 of the cash can be covered with the regular wildcard.

[doomed]

Thank you for the information, backtoschool. I'm supposing my trustee wouldn't dismiss our case because our attorney advised us wrong? He stands to lose a lot of he dismisses it.

I'll see if i can find if maine's exemptions can be doubled. Thank you again, so much. And thank you everyone - I feel so much better! Now me and the babies need to go sleep. I really appreciate all the advice here, you truly are good and wonderful people. Thank you.

[tobee43]

doomed it continues to be quite troubling about your atty though...

all your responses you rec'd were excellent to help with your direction....however, do not let this guy get off easy!