What is considered personal property in the ferderal exemption [Archive]

madmac13

11-23-2006, 10:45 PM

What is considered personal property according to the federal exemptions. Is something like a dvd player, stereo, etc. considered personal property. In the NOLO book it states personal property animals, crops, clothing, appliances, books,furnishings, houshold goods, musical instruments to $ 475 an item, to no more than $9,850. Federal also states under the homstead any unused portion of the homestead to $9,200 may be applied to any property, does this apply if you have no homestead property and are renting, can you still apply the $9250 to any property plus the $9850 personal property exemption.

SinkingFast

11-24-2006, 09:20 PM

There is a specific list of some types of items that you are allowed under Federal Exemptions. The items you can cover with Exemptions under Federal are:

4)

(A) Subject to subparagraph (B), for purposes of paragraph (1)(B), the term "household goods" means--

(i) clothing;

(ii) furniture;

(iii) appliances;

(iv) 1 radio;

(v) 1 television;

(vi) 1 VCR;

(vii) linens;

(viii) china;

(ix) crockery;

(x) kitchenware;

(xi) educational materials and educational equipment primarily for the use of minor dependent children of the debtor;

(xii) medical equipment and supplies;

(xiii) furniture exclusively for the use of minor children, or elderly or disabled dependents of the debtor;

(xiv) personal effects (including the toys and hobby equipment of minor dependent children and wedding rings) of the debtor and the dependents of the debtor; and

(xv) 1 personal computer and related equipment.

(B) The term "household goods" does not include--

(i) works of art (unless by or of the debtor, or any relative of the debtor);

(ii) electronic entertainment equipment with a fair market value of more than $500 [$500 (added by BAPCPA 10-17-05) effective 4-1-04. Adjusted every 3 years by section 104.] in the aggregate (except 1 television, 1 radio, and 1 VCR);

(iii) items acquired as antiques with a fair market value of more than $500 [$500 (added by BAPCPA 10-17-05) effective 4-1-04. Adjusted every 3 years by section 104.] in the aggregate;

(iv) jewelry with a fair market value of more than $500 in the aggregate (except wedding rings); and

(v) a computer (except as otherwise provided for in this section), motor vehicle (including a tractor or lawn tractor), boat, or a motorized recreational device, conveyance, vehicle, watercraft, or aircraft.

http://www.doney.net/bkcode/11usc0522.htm

Also, with Federal, everything in the house is up for grabs. If you have kids, that includes, kids' room furniture, clothes, toys, etc.



	Bankruptcy Forum > Before the Discharge > Exemptions > What is considered personal property in the ferderal exemption PDA What is considered personal property in the ferderal exemption madmac13 11-23-2006, 10:45 PM What is considered personal property according to the federal exemptions. Is something like a dvd player, stereo, etc. considered personal property. In the NOLO book it states personal property animals, crops, clothing, appliances, books,furnishings, houshold goods, musical instruments to $ 475 an item, to no more than $9,850. Federal also states under the homstead any unused portion of the homestead to $9,200 may be applied to any property, does this apply if you have no homestead property and are renting, can you still apply the $9250 to any property plus the $9850 personal property exemption. SinkingFast 11-24-2006, 09:20 PM There is a specific list of some types of items that you are allowed under Federal Exemptions. The items you can cover with Exemptions under Federal are: 4) (A) Subject to subparagraph (B), for purposes of paragraph (1)(B), the term "household goods" means-- (i) clothing; (ii) furniture; (iii) appliances; (iv) 1 radio; (v) 1 television; (vi) 1 VCR; (vii) linens; (viii) china; (ix) crockery; (x) kitchenware; (xi) educational materials and educational equipment primarily for the use of minor dependent children of the debtor; (xii) medical equipment and supplies; (xiii) furniture exclusively for the use of minor children, or elderly or disabled dependents of the debtor; (xiv) personal effects (including the toys and hobby equipment of minor dependent children and wedding rings) of the debtor and the dependents of the debtor; and (xv) 1 personal computer and related equipment. (B) The term "household goods" does not include-- (i) works of art (unless by or of the debtor, or any relative of the debtor); (ii) electronic entertainment equipment with a fair market value of more than $500 [$500 (added by BAPCPA 10-17-05) effective 4-1-04. Adjusted every 3 years by section 104.] in the aggregate (except 1 television, 1 radio, and 1 VCR); (iii) items acquired as antiques with a fair market value of more than $500 [$500 (added by BAPCPA 10-17-05) effective 4-1-04. Adjusted every 3 years by section 104.] in the aggregate; (iv) jewelry with a fair market value of more than $500 in the aggregate (except wedding rings); and (v) a computer (except as otherwise provided for in this section), motor vehicle (including a tractor or lawn tractor), boat, or a motorized recreational device, conveyance, vehicle, watercraft, or aircraft. http://www.doney.net/bkcode/11usc0522.htm Also, with Federal, everything in the house is up for grabs. If you have kids, that includes, kids' room furniture, clothes, toys, etc.