I own VERY LITTLE I do not own a home I own a 2003 Suburban free and clear. A very small amount of tools and a car that is very much disassembled. I am currently attending college and I am unemployed under chapter 7 will I lose these items? I understand in KENTUCKY I can use the federal exemptions but I think my truck is worth more than vehicle allowance. I also see all over the place you can use any unused portion of the homestead exemption. But I don't own a home so I am confused as to what I can do here I don't see my situation changing anytime soon and I couldn't afford to replace these items. Any help will be greatly appreciated thank you in advance.
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Here are the Fed. exemptions.
The $11.5K wildcard canbe used to protect assets since, you have no homestead exemption to claim.
Think twice about filing right now. You really have nothing anyone can take. At a minimum, you should have a basic safety net under you in the form of a job that offers health insurance benefits. After all, post bk you still need to support yourself. -
Thank you very much for your insight!!! Greatly appreciated
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Bignilla, what debts are you planning on discharging in Chapter 7? Medical? Credit card? How much? What is different now than what got you into this debt? Will you end up in the same situation in another year or three? These are not judgement questions by any means, it would just help to know more to give you the best advice.
Keepmine has a good point in not rushing into BK. If you have nothing anyone can legally take, why not wait? Are you being sued now? If not, the worst anyone can do is try to make you crazy with phone calls, and there are ways to deal with that. Remember, you can't file another 7 for eight years.Comment
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Medical, and credit card. I have a feeling that I will soon be sued for this and I am trying to avoid a judgement. I also plan on getting my act together once school is over. The debt monster will not get a hold of me again.Comment
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