In Virginia we have very few exemptions... One of our main exemptions is a $5000 homestead in personal property, which most people use to bring their case to no property status if possible.
The thing is, that $5000 is a life time cap.... you use it up, and its gone for life... (So I have read anyway)
I have student loans that will survive BK, and I want to keep as much of the Homestead exemption as possible because it can also be used to protect cash, bank accounts or other property from judgment collections. I hope to get back on payment terms with my student loans, but after BK I am afraid of a student loan related future judgment that will make banking impossible... at least if I use up my Homestead exemption now.
So, I am thinking of not using much of it... I don't own much anyway, and honestly, I doubt a trustee would want a lot of my valueless stuff...
But am I opening the door to some other problems by turning my case into a property case if I do that... .
The thing is, that $5000 is a life time cap.... you use it up, and its gone for life... (So I have read anyway)
I have student loans that will survive BK, and I want to keep as much of the Homestead exemption as possible because it can also be used to protect cash, bank accounts or other property from judgment collections. I hope to get back on payment terms with my student loans, but after BK I am afraid of a student loan related future judgment that will make banking impossible... at least if I use up my Homestead exemption now.
So, I am thinking of not using much of it... I don't own much anyway, and honestly, I doubt a trustee would want a lot of my valueless stuff...
But am I opening the door to some other problems by turning my case into a property case if I do that... .
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