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What is considered personal property in the ferderal exemption

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    What is considered personal property in the ferderal exemption

    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.
    Last edited by madmac13; 11-24-2006, 08:21 PM.

    #2
    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.
    Filed Ch 7 - 09/06
    Discharged - 12/2006
    Officially Declared No Asset - 03/2007
    Closed - 04/2007

    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

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