laz
10-13-2004, 11:51 AM
Residence - You are entitled to retain equity (Value of home less debt against it such as mortgages) up to $10,000. If your spouse also files chapter 7 the amount is double or $20,000. A burial plot, is also included.
In certain circumstances the residence, and any real estate owned jointly, may be retained to its full value if there are no joint creditors.
Wild Card - If an exemption for a residence or burial plot is not claimed or is less than $3,500 then the amount of $3,500 less the exemption claimed can be used for any asset. Commonly it is used to increase the equity claimed in a vehicle above the $1,500 vehicle exemption or used to claim cash on hand or in a bank.
Exemption in lieu of the homestead exemption - $1,000.
Motor vehicle - not to exceed $1,500 of equity.
Household furnishings - household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use up to $3,500 for the debtor plus $750, but not to exceed $3,000 in total, for each dependent.
Tools of the trade of the debtor or the trade not to exceed $750 of equity.
Life insurance proceeds.
Professionally prescribed health aids.
Compensation for personal injury or for death, but such exemption is not exempt from claims for funeral, legal, medical, dental, hospital, and health care charges related to the accident or injury giving rise to the compensation.
Individual retirement accounts qualified under Section 408(a) of the Internal Revenue Code.
Individual retirement annuities qualified under Section 408(b) of the Internal Revenue Code, and
Accounts established as part of a trust described in Section 408(c) of the Internal Revenue Code.
In certain circumstances the residence, and any real estate owned jointly, may be retained to its full value if there are no joint creditors.
Wild Card - If an exemption for a residence or burial plot is not claimed or is less than $3,500 then the amount of $3,500 less the exemption claimed can be used for any asset. Commonly it is used to increase the equity claimed in a vehicle above the $1,500 vehicle exemption or used to claim cash on hand or in a bank.
Exemption in lieu of the homestead exemption - $1,000.
Motor vehicle - not to exceed $1,500 of equity.
Household furnishings - household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use up to $3,500 for the debtor plus $750, but not to exceed $3,000 in total, for each dependent.
Tools of the trade of the debtor or the trade not to exceed $750 of equity.
Life insurance proceeds.
Professionally prescribed health aids.
Compensation for personal injury or for death, but such exemption is not exempt from claims for funeral, legal, medical, dental, hospital, and health care charges related to the accident or injury giving rise to the compensation.
Individual retirement accounts qualified under Section 408(a) of the Internal Revenue Code.
Individual retirement annuities qualified under Section 408(b) of the Internal Revenue Code, and
Accounts established as part of a trust described in Section 408(c) of the Internal Revenue Code.