How All This Adds Up?

[Pizza]

Sorry to post if this has been discussed, but I'm rounding up the last of my paperwork:

Federal Exemptions include (among others)
Household Goods $ 10,775
Wildcard $1,075 + $10,125 of unused homestead

House is mortgaged at a little under $81,000 and valued by the appraisal district at $80,000 (negative equity, barely), so is the "unused homestead" the full $10,125? That comes out to $21,975 which would more than cover all of my personal property without even covering other categories. If so, this got much easier.

[justbroke]

The (Federal) unused homestead exempt of $10,125 can be applied. The (Federal) personal property (aka the "wildcard") exemption is $1,075. Be aware that the household property exemption is $525 per item, up to $10,775. Each item would need to be less than $525.

However, personal property is $1,075 up to the "unused" homestead amount, so it's $10,125 total if you don't have a homestead.

Let's say you have a... stove worth $1,025. The household property exemption would cover $525 of it (11 USC 522(d)(3)). Then you would use $500 of the "personal" property exemption (along with the unused homestead exemption) to cover the other that part (11 USC 522(d)(5)). So, on your Exemptions schedule, you'd list BOTH 522(d)(3) and 522(d)(5). Just make sure you keep your totals correct!

So that's not $21,975 because the household property exemption has a max PER ITEM of $525, but can aggregate to $10,775. I would just be careful saying or thinking that you have $21,975 in exemptions. You have $10,125 plus up to $10,775 in "household" property exemption.

Hope that makes sense. (It's still a LOT of money!)

[Pizza]

Wow, that would be one heck of a stove...

No problems with any of those numbers, though, even the 'per item' numbers. Actually, I itemized every thing that wasn't nailed down and come out closer to $10,000 than $20,000 in the first place - and in a trustee's eyes, it's probably all 'junk' anyway. Thanks for the info. I will be wrapping up my BK very, very soon.

[justbroke]

There are stoves that pricey... like a Viking 6-burner gas stove ($7,000+).

[Pizza]

There are stoves that pricey... like a Viking 6-burner gas stove ($7,000+).

Geez... I'll stick with my 5-year-old Maytag...