cash-fed exemption

[harris]

What have your experience beetn with exempting Cash using Federal exemptions.
How much were you able to exempt

[ValleYum]

From: http://www.bkforum.com/wiki/Federal_Exemptions

Homestead:

522(d)(1) ".....Unused portion, up to $10,825, may be used for other property."

Personal Property:

522(d)(5) - $1,150 of any property, and unused portion of homestead up to $10,825.

The maximum amount that can be claimed exempt under the wild card exemption is $11,975.

My husband and I used Federal Exemptions and we were allowed to double the $11,975 since we filed Chapter 7 jointly. We used it to cover exempting our 2010 tax refund, cash on hand, husband's paycheck and a small hobby collection of my husband's. You can use it all for cash or split it up like we did.

As always, the best person to check this with is your attorney. Good luck!

[discouraged]

I was also able to use Federal, exempted taxes and cash on hand (from not paying mortgage). I was worried about that as it was a nice chunk of change and wasn't sure - but it worked.

[harris]

I spoke with a Lawyer and he said it depends on where the money comes from.
Since my wife does not earn any money, She cant exempt any cash.
But Since I do , I could exempt .

[ValleYum]

I spoke with a Lawyer and he said it depends on where the money comes from.
Since my wife does not earn any money, She cant exempt any cash.
But Since I do , I could exempt .

I don't work and I was able to exempt cash. How strange. It is a good idea to ask several lawyers sometimes.

[LadyInTheRed]

I spoke with a Lawyer and he said it depends on where the money comes from.
Since my wife does not earn any money, She cant exempt any cash.
But Since I do , I could exempt .

That does't make sense for a wildcard exemption. Are you sure the lawyer wasn't talking about the Minnesota exemption for wages instead of the fedral wildcard exemption?