Trying to understand exemptions

[billjacobs]

HI,
We really don't own anything of value with exception to our van. Yes, we have basic household goods, etc, but they should easily fit within our exepmtion allowance for a chapter 7. So, my question is how can I best protect the van and what do I use to establish value? It's a 2008 Ford E350 with a clean title.
My other car has a note that I am paying which may leave me with a little equity in it, but if the trustee really wants it I can do without.
I was trying to understand the homestead exepmtion, we have no equity in the home and intend to surrender the house, can I still use that 10K to add to the wildcard?

thanks for any information!

Bill

[justbroke]

I really hate to say it, but if you have real juicy assets, such as those, you should use an attorney. Now that I've said that, let's talk turkey.

First, the Washington exemption scheme is not that great if you are needing a wildcard. I don't see much of a wildcard with Washington state -- it's so small being only $3,000 with some limitations. You and your attorney might consider the Federal exemptions. The Federal exemptions has a $10K+ wildcard as well as a good automobile exemptions ($3,450). While the Washington State vehicle exemption is similar, they can both be doubled. However, from my just glimpse at the Washington State exemption scheme, it appears that the homestead (unused homestead) exemption can not be doubled, where the Federal homestead (unused homestead) can be doubled.

This is really a case of seeing just WHICH exemption scheme works best for your particular circumstances.

Since you have assets, it's really a case of properly protecting your assets by seeking out an good bankruptcy attorney who is good at asset protection and the local rules and customs in Washington State.

[billjacobs]

Justbroke, Thanks!
We do have an attorney, but sometimes answers are hard to get. At least relatively quickly.
Thank you again for your time!

[justbroke]

No problem at all. It is always good to have as much information as you can so that you are informed. Have your attorney explain anything that you don't understand. Always make sure that you're getting the best representation for your $$$.