Federal exemption issue - Need your help ASAP!!!

[despritfreya]

Ok, now I need your input as I am not familiar with Federal exemptions.

My client is from Florida. Has been in my state less than 2 years. I know that Fl exemptions cannot be used if you do not reside in Fl therefore we are stuck with Federal exemptions.

No homestead.

Auto is worth over $15k.

Federal exemption for autos is only $3450. Can I use the Wildcard ($1,150 plus $10,825 - unused residency exemption) on top of the $3450 for a total exemption of $15,425.00?

Thanks,

Des.

[keepsmiling]

One of the atty's I spoke to told me Fed exemptions could DEFINITELY be stacked.
Hope that helps.

[StrawberrySu]

Des,

We just used federal exemptions in our Chapter 7 in December, and were able to use the Fed Exempts to cover our autos (valued at $7000 {thanks, Carmax!} and $6000, as well as $9500 in cash, if I remember correctly, but of course that was doubled for 2 people.

[despritfreya]

Thanks all. We are going to get an appraisal due to condition and then stack the exemptions. Throw it on the wall. . .

Des.

[ValleYum]

This is the Federal Exemption "hand-out" we received from our attorney. It was the most concise listing I have seen. All may double if a joint BK is filed.

*Dollar Amounts as of April 2010 - next due for adjustment April 2013*

Homestead
$21,625
The amount of equity you may exempt from your primary residence.

Household goods, Clothing, Furnishings & Appliances
$11,525
Includes: Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments
No single item may be valued at over $550.

Motor Vehicle
$3,450
The amount of equity you may exempt for one motor vehicle.

Jewelry
$1,450
This exemption may be used for one or more pieces of jewelry.

Tools of the trade
$2,175
Items used in your trade or business.

Life Insurance
$11,525
Cash value of a “whole life” insurance policy.

Professionally prescribed health aids
No dollar limit
Examples: wheelchairs, chair lifts, motorized scooters.

Social security benefits, disability benefits, child support, alimony, unemployment benefits, veteran’s benefits, most pension benefits, un-matured life insurance, lost earnings payments
No dollar limit

Life insurance proceeds, some retirement benefits, wrongful death funds.
Amount needed for support

Personal injury claims
$21,625
This amount does not include pain and suffering or "actual pecuniary loss."

Wild-Card
$1,150
You may use this exemption to “stack” on top of another exemption that isn’t large enough to cover your interest or on its own for any other item or cash you may wish to exempt.

Additional Wild-Card for debtors not using any *or* not using the entire dollar amount of the homestead exemption.
Up to $10,825
You may use this exemption to “stack” on top of another exemption that isn’t large enough to cover your interest or on its own for any other asset (including cash) that you may wish to exempt

Wages
$0
You may use your wild-card to exempt wages, otherwise there is no exemption provided.

Income Tax Refund
$0
You may use your wild-card to exempt your refund, otherwise there is no exemption provided.

[despritfreya]

This is the Federal Exemption "hand-out" we received from our attorney. It was the most concise listing I have seen. All may double if a joint BK is filed.

ValleYum - perfect and thanks.

Des

[SunshineGal]

Your client should be very happy he can't use the FL exemptions. They only allow for $1,000 vehicle, with a $4,000 wildcard IF you don't claim or use homestead.