Moving to another state before filing

[gak555]

I will be moving from Virginia to Maryland in the upcoming months.

When I file for Chapter 7, I realize that I have to use the exemptions from the state of Virginia since I will not have lived in Maryland for two years, but am I correct that the two year waiting period does not apply to the Median income figures and that I will have to use the figures for Maryland ?

[SinkingFast]

That's correct.

You use Old State exemptions, but get to use New State costs for living and Median Income.

At least that's what we've been told in Consults here. We've been in our New State about a year now. At least Hubby has, so that's when they are establishing residency. They are using New State Median and costs of living, with Old State exemptions.

If your experience is similar to ours, you may have trouble finding an attny to deal with the outa state exemptions.

[gak555]

I guess if you are under the median income level for the state where you file then the exemptions do not matter.

[SinkingFast]

I guess if you are under the median income level for the state where you file then the exemptions do not matter.

Yes the exemptions do matter.

The exemptions set the amount of property level you will be able to retain in a Ch 7 Liquidation BK.

If you have a car worth $10K, owe no loan on it, and only have a $1K vehicle exemption, that's $9K of assets the Trustee can go after. Basically, you could kiss that car Good Bye cause the Trustee will sieze it, sell it, and pay you $1K for your exemption. Unless you can make some sort of arrangement to buy the car back from the Court.

Same with Household goods. Same with money in your bank accts. etc. etc. etc. Including earned but unpaid wages up to the day you file.