I asked a question about federal exemptions in the Chapter 7 forum, but I think I might have asked it in the wrong forum.
My question is what things can be covered under the federal "wildcard" exemption. My husband I have a trailer we live in that's worth about $15,000. I figured that we could subtract that from the federal homestead exemption, which would leave about $5,000 as "wild card." Add that to the $1,050 (or thereabouts???) of wild card, and that's about $6,000. I figured that we could use those to cover a stamp collection and small coin collection that I've had forever (and part of the stamps were given to me by my mother from a collection she started as a kid).
Is my thinking totally skewed? Is the "wild card" not available for things like this (things that could be liquidated to pay creditors).
Any input would be helpful.
Thanks!
My question is what things can be covered under the federal "wildcard" exemption. My husband I have a trailer we live in that's worth about $15,000. I figured that we could subtract that from the federal homestead exemption, which would leave about $5,000 as "wild card." Add that to the $1,050 (or thereabouts???) of wild card, and that's about $6,000. I figured that we could use those to cover a stamp collection and small coin collection that I've had forever (and part of the stamps were given to me by my mother from a collection she started as a kid).
Is my thinking totally skewed? Is the "wild card" not available for things like this (things that could be liquidated to pay creditors).
Any input would be helpful.
Thanks!