Quick question on federal exemption for household goods

[nickifan]

The attorney I think I'll hire feels the federal exemptions will suit me best...my main asset is a car (2002 Toyota) that unfortunately seems to be worth more than I wish it were .

Anyway...the chart for federal bk exemptions says "$475 per item in any household goods up to a total of $9850."

I'm confused...does that mean no single item that I want to lump under household goods can be worth more than $475? e.g I have a Sony Bravia
32" LCD that I bought for $699 in March 2008. On the local craigslist a few of those now range from $300 to $399. So if I choose that "value", that can just go under the household goods? As well as a leather Natuzzi (good name mfr) loveseat that maybe would fetch $300 or even $400? I truly don't think anything in this place is worth more than $475.

I guess I'm puzzled by what goes into "household goods" vs. the "unused portion of homestead" that I will also be entitled to use up to $10,125, because I rent and have no "homestead."

Fed exemptions also allow $3225 toward the Toyota, so I of course want to protect as much stuff under household goods as I can and free up the $925 Wild Card and remaining "homestead" money toward the rest of the car.

I'm in Texas and the state household exemption is quite generous, but apparently NO cash is protected, and although right now I have very little, I would not want to lose even a dollar of it. I could file as a Texan late March (two-year residency mark) if we change our minds for whatever reason, but as I say, atty thinks fed is better, and I could do that today. If only I had the full retainer, of course....

[BobMango]

I used federal exemptions and only applied the wildcards after I had exhausted all of the household amounts. I doubt you have anything in your house that would fetch more than the $475 unless you have sports memorabilia or high end art, so you can cram a lot of things in there.

I had two cars, both with excess equity and was able to protect both of those and a motorcycle worth more than $11K using the federal exemptions. I am married so I was able to double the exemption amounts.

[nickifan]

I used federal exemptions and only applied the wildcards after I had exhausted all of the household amounts. I doubt you have anything in your house that would fetch more than the $475 unless you have sports memorabilia or high end art, so you can cram a lot of things in there.

I had two cars, both with excess equity and was able to protect both of those and a motorcycle worth more than $11K using the federal exemptions. I am married so I was able to double the exemption amounts.

You doubt right ...or you have that PI peeking in my windows who's been bothering ApresMoi .
In the same vein, I guess the one pair of diamond ear studs (less than half-carat total weight) I have could go under the $1225 jewelry exemption...though I probably wouldn't get $100 if I tried to sell them! Maybe it will be easier to cover "stuff" than I think.

Or I guess I could run out and get married to get that double exemption.......then again, maybe not!

[mtbc]

Yeah, there's no way that TV's now worth over $475! You get to choose what you try to put under which exemption and make it stick. Basically, I put things that are fairly obviously household goods (TV, beds, chairs, appliances, etc.) in the household goods one, and the more confusing ones (home gym, sword, cameras, etc.) under the wildcard boosted by unused homestead. Luckily I had plenty of room in both so I didn't have to stretch anything too hard. It looks like I suggested $400 for our couple-of-years-old originally-$700 TV but that was probably a bit generous, I just knew I had the room under the limits so I could afford to be.

[mtbc]

Huh, our TV is 32" LCD too. Toshiba REGZA 32CV510U. I wonder if we got nearly the same. (-: