am i understanding this correctly?

[itsladyliberty]

i just want clarification because i'm not quite sure i'm understanding this correctly -- it's not pertinent to my case at all, but i was curious. as i understand, in some states if you do NOT own a home, you can use the homestead exemption toward other assets? is this correct? where could i find out which states? also, are the amounts different than the homestead exemption amounts?

i'm most interested in idaho and wyoming if it matters.

thanks in advance for the info!

wish me luck, our 341 is in the morning! i'm not nervous, just glad we've come this far and ready to put it behind us.

[JRScott]

Neither Idaho or Wyoming allow you to do that to the best of my knowledge.

For states that do allow it then yes they usually only allow a certain portion to be used which is not always the total amount.

[itsladyliberty]

Neither Idaho or Wyoming allow you to do that to the best of my knowledge.

For states that do allow it then yes they usually only allow a certain portion to be used which is not always the total amount.

thanks. i was just wondering how that worked. it seemed like $50k would be a huge chunk to just apply to other assets, LOL. ;)

[jeb]

In FL you get and extra $4,000.00 to use as a "wild card", so to speak.

That would make a total of $5,000.00 plus $1,000.00 vehicle exemption. - jb

[cptne33]

California seems to have the best system.

I curerntly do not own a house and can therefore use the homestead exemption of over $20k as a wildcard for other assets.

One attorney I spoke witha ctually said I could ahve $20k in the bank and it can be exempted no problem with the Wildcard (so long as I didnt have many other exemptions.)