I dont kno how to apply these exemptions!!

[felice]

MAYBE IM MAKING IT HARDER THAN WHAT IT HAS TO BE BUT I JUST DNT GET IT! IM DOING CHAP 7 ON MY OWN..IHAVE 2 CARS...ONE WITH A LIEN AND LOAN IS MORE THAN VALUE OF THE CAR..DO I NEED TO EXEMPT IT?? 2ND CAR PD FOR BUT IT IS IN POOR CONDITION...ENNGINE IS BAD AND IT DOESNT RUN.. KBB SAYS 2300 FOR FAIR CONDITION..ITS 900 TO FIX ENGINE SO I SUBTRACTED THAT TO GET 1400. IM IN VA I THINK FOR AUTO ITS 2000 EXEMPTION. DOES THE HOMESTEAD APPLY TO ME?? I RENT MY HOME. SO ONLY THING I HV ARE THOSE 2 CARS AND REGULAR HOUSEHOLD STUFF..FURNITURE//TV'S ETC. PLS HELP ANYBODY THANKS

[Sideways]

Exemptions

According to Code 34-13 in VA a householder may set apart personal property for exemption if they do not use their homestead exemption or only part of their exemption. I am not sure exactly what the current homestead exemption is in VA.. 4-5K? I always thought they were joking when they mentioned this on these boards. What could you buy with 5K? a chicken coop? Nevertheless, if you were to use your homestead exemption for personal property like a car you must set apart in writing, designate and describe what parcel or articles need to be set apart, affixing a cash value. I came up with this on a goggle search so do take this with a grain of salt.. these codes are also continually changing when new bills are passed in the legislature. However, with a little local research (law library-exemption statutes, legal aid, etc.) you should be able to find out exactly what the cash value of your cars are worth and what the total exemption for them would be...