So simple that I'm confused!

[Snuff]

We own our home and land valued at $28,400. If we (wife and I) doubled the $20,200 each federal homestead exemption for a total of $40,400 minus the $28,400 that would leave us with a $12,000 wild card.

Is this then doubled, giving us a $24,000 wild card??

I do realize that $10,125 is the max that can be used per person, so this would equate to a $20,250 wild card in our case...??

[lrprn]

If we (wife and I) doubled the $20,200 each federal homestead exemption....

It looks like you are from Alaska. I checked several reliable sources and unless something has changed since January 2009, Alaska isn't one of the states that is allowed to use the Federal bankruptcy exemptions.

Did you just move recently? Who told you that Alaska could use the federal bankruptcy exemptions?

[Tbornetun]

NO, that means that combined you would have a total of $14,150. $1075 wild card each and $12,000 remaining wildcard from unused homestead exemption. You already doubled it when you were figuring the homestead exemption.

Edit: Oh, Alaska, I missed that part. No wildcard in Alaska

[Snuff]

Alaska Allows Choice of Federal Exemptions

Who told you that Alaska could use the federal bankruptcy exemptions?

Alaska Offers a Choice of Federal or State Exemptions

There are other places here on the forum that need correction too.

Oh, Alaska, I missed that part. No wildcard in Alaska

Thanks for the clarification Tbornetun!
But if I use federal exemptions it's available.

I'm going to change the WiKi form about Alaska exemptions too, it has old values.

Folks just forget about their largest state...

[Tbornetun]

Ok, more clarity. Look here http://www.akb.uscourts.gov/exemptions.pdf from the Alaska Bankruptcy Court site. Then back to my first answer. lol

[lrprn]

Very interesting - thanks for sharing the links!

Doing further research, it turns out that the use of the Federal bankruptcy exemptions is somewhat ambiguous in Alaska. The Ninth Circuit Court of Appeals upheld using the Federal exemptions in at least one Alaska bk case. (I've searched for the last half hour, but I can't unearth the specific 9th court of appeals case. JustBroke or HHM may be able to), so it's certainly possible that you could use the Federal exemptions when you file.

I would go with whatever exemption system (Alaska or Federal) benefits you best - something very good to discuss during your 3-4 free initial consultations with experienced Alaska bankruptcy lawyers.

[Snuff]

Ok, more clarity. Look here http://www.akb.uscourts.gov/exemptions.pdf from the Alaska Bankruptcy Court site. Then back to my first answer. lol

more clarity, of course...BUT this info pertains to the Alaska exemption only.

If we (wife and I) doubled the $20,200 each federal homestead exemption...

...as per my first question. (lol)

[Snuff]

lrpm states:

I checked several reliable sources and unless something has changed since January 2009...

Quite possible, especially when the linked site states under their "Disclaimer" on the right side of the page... (This information was updated in March 2009.)

I would go with whatever exemption system (Alaska or Federal) benefits you best - something very good to discuss during your 3-4 free initial consultations with experienced Alaska bankruptcy lawyers.

Yes, thank you! I have been planning on going pro se and have an experienced attorney (35 yrs) that will advise me for a few hours of consultation charges. Consulting rather than retaining would save $$, sounds good to me, what are your thoughts? I'm sure others have done it this way...??

[Tbornetun]

more clarity, of course...BUT this info pertains to the Alaska exemption only. ...as per my first question. (lol)

I answered that in the other post. You can't double it twice. You are doubling the exemption when you figure the homestead, whatever is left over is what you have. The middle column of the link I posted are the federal exemptions. The last column are the Alaska exemptions. You pick one or the other. There are footnotes to some of them so be sure to read those.

[Snuff]

Ok Tbornetun, I believe you have gotten the picture. You were the one that is having problems understanding me, not the other way around, as I was pointing out by quoting myself in my post to you.

I had (past tense) the link you posted saved, read and devoured. Also received in the notification email the text that you originally posted prior to your editing. It was quite sufficient.

I'm saying to you for clarity purposes that my original question has been answered...thanks.

[Snuff]

Ok Tbornetun, I believe you have gotten the picture. I have been trying to relay to you that I understand your answer to my original question!

'nuf said...

[Snuff]

Ok Tbornetun, I believe you have gotten the picture.

I UNDERSTAND! ...as I was trying to relay to you in my previous post.

'nuff said.

Trying to be diplomatic, but this is my third attempt to post to you in this thread and each time my post hasn't gone through. Each time I lose the message, so it gets shorter...and shorter. and yes I understand how to use and build 'puters.

Thanks...

[Snuff]

Ok Tbornetun, I believe you have gotten the picture.

I UNDERSTAND! ...as I was trying to relay to you in my previous post.

'nuff said.

Trying to be diplomatic, but this is my third attempt to post to you in this thread and each time my post hasn't gone through. Each time I lose the message, so it gets shorter...and shorter. and yes I understand how to use and build 'puters.

Thanks...

Since I lost the text of those, I copied prior to sending and pasted in the "advanced". Maybe this will work, "quick reply" doesn't at this time.

[Snuff]

Sorry for all these posts!!

Please note the small print on the last one, maybe that will help explain.

[Tbornetun]

I think I got that about 5 posts ago. No need for diplomacy, I was only trying to help since you plan to file pro se. This board is to help other people, nothing more. I just wanted to make sure that you weren't going to double the exemption twice. I understood that you "got it" when writing my second post yesterday. I was only correcting myself. Notice the 'lol'? This thread has jumped on the high anxiety highway. Let it go.