Fed Exemption Question

[markdel16]

Just got my CMA back for my home.

Currently owe approx $124k, suggested selling price is $123k. There are also a high & low values, which I assume would be disregarded, so I come in with $0 equity which is great. (P.S. Home appraised for $138k in 2004, so the housing market hasn't tanked near me as bad as I thought).

I'm filing joint, and since I will be using $0 of the Homestead exemption, can I use the full Wild Card joint exemption of $22,400?? Can that be applied to liquid assets (cash & stock) or automobiles? One car is easily within the $3,225 exemption, but the other may be a bit close.

Also, my household goods & furnishings will come in nowhere near the $21,550 allowed.

Things are looking very bright for me, and I hope to be filing by the end of week, I just hope I don't get pushed into a 13 as I'm about $4k above median. I'm not sure how he's got my expenses worked out yet means-test wise, but I'll find all of that out tomorrow.

[lrprn]

I'm filing joint, and since I will be using $0 of the Homestead exemption, can I use the full Wild Card joint exemption of $22,400??

Here's a good listing of the Federal exemptions - http://www.thebankruptcysite.org/exe...s/federal.html

The Federal homestead exemption does state, "522(d)(1) ... Unused portion of homestead, up to $10,125, may be used for other property." It does not say the amount can be doubled if a couple is filing, but that doesn't mean that it can't.

Under Personal Property, it states you can use "522(d)(5) - $1,075 of any property, and unused portion of homestead up to $10,125." Again, it does not say the amounts can be doubled for couples, but that doesn't mean they can't.

Can that be applied to liquid assets (cash & stock) or automobiles? One car is easily within the $3,225 exemption, but the other may be a bit close.

Yes, the Federal wild cards $1,075 plus the $10,125 for no homestead equity can be used to protect cars, cash, and stocks - any personal property.

Also, my household goods & furnishings will come in nowhere near the $21,550 allowed.

Again, the Federal Personal Property exemptions state, "522(d)(3) - Animals, crops, clothing, appliances and furnishings, books, household goods, and musical instruments up to $525 per item, and up to $10,775 total." You are assuming the $10,775 can be doubled - it doesn't state this. The amount might be able to be doubled, and it might not.

Typically in a defined exemption category like this one, anything left over can't be moved into another category unless it specifically states you can.

Your lawyer can tell you if each of these exemptions can be doubled or not. I hope in your case, they all can be. Good luck!

[markdel16]

Oh, I was going by what I saw here (PDF file):

http://www.google.com/url?sa=t&source=web&ct=res&cd=2&url=http%3A%2F%2Fwww.naldp.org%2Fdownload%2Fexemptions%2FFEDERAL%2520EXEMPTIONS.pdf&ei=wVjDSuq2IMPFlAeuu_3tBA&usg=AFQjCNGui0CigxhHWtyUNcIwLpEb7y_ddw&sig2=4rvX3OjEvxqjilqT5NwR1w