For the federal exemption experts: no homestead, how much property is exemptible?

[simplicityof]

I'm almost embarrassed to admit that before today I assumed the federal exemptions on non-real property was capped at around $11,525 or so. I am trying to exempt perhaps $14k in personal belongings with no homestead. NY only recently allowed federal exemptions and my understanding of the old NY exemptions (I think) accounts for my confusion about the federal exemptions.

My question is: Should I feel confident exempting $14k of personal belongings if I break my assets down like so:

Car = $8.5k - $10k
vehicle exemption of $3,450 plus the wildcard $6650

Woodworking tools & machinery = $1.5k - $2k
plan on using the wildcard and avoiding possible issues with the "tools of the trade" exemption.

Household items = $2k
using the household exemption

$ 8650 wildcard used
$ 3450 motor vehicle
$ 2000 household
$14100 total

The present federal exemption amounts:
Homestead exemption $21,625
Household items $11,525
Wildcard $10,825

Filed a partial petition last week, pro se. Felt I could concentrate more on the important schedules etc. by getting some paperwork out of the way, receive a reminder of my deficiencies, and a bonus, find out who my trustee is. Have until the 24th to submit everything.

[ValleYum]

Not an 'expert' but I will help!! You seem to have a pretty good grasp of the Federal Exemptions (we can use them here in Washington, too). Federal exemptions are quite generous if you are not trying to cover lots of equity in a home.

You look up the Kelly Blue Book private party sale value for your car (screen print it for your files) and use the $3,450 exemption and whatever portion of the wildcard you need to cover the full value as listed by KBB.

$2,000 in household contents, clothing, etc. sounds super low unless you live in a furnished place and you have plenty in available exemptions to cover more. Pro se debtors seem to get closer scrutiny - personally, I would make sure that I covered everything I owned and avoid anything that would trigger a second glance.

Don't forget you have an additional $1,150 'generic' wildcard available under the Federal Exemptions as well. Makes a grand total for wildcards of $11,975

If you are married filing a joint petition, you can double all the exemption amounts.

You appear to have no problem covering the property you wish to protect. Do you have retirement accounts to protect? Make sure you list them if you do.

You can run your exemption list by the folks in the Pro se section - they are all wizards and can help you shore up any problem areas.

Good luck!


Oh, great blog here by a NY attorney about the Federal Exemptions: http://www.rochesterdebtrelief.com/2...e-in-new-york/

[simplicityof]

thanks VY.
I suppose I meant "experienced" rather than "expert". My household assets are low probably because I don't own any appliances or living room furniture, so just reaching $2k hasn't been so easy. I guess I can now value the $50 pile of cloths a little higher since I'd probably pay $80 if they were stolen to get them back. Sports/recreational equipment are considered household goods in federal exemptions correct?.