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    Tools of trade question

    Will tools of trade exemption amount doubles if filing jointly? My wife has a business with +/- $5000 equipment and I have almost the same in my business. if my state's exemption is 7000, does it means it doubles to 14000 when filed jointly? Thanks for all your advice.
    I am NOT an attorney, anything I say here is not a legal advice.

    #2
    I'm not 100% sure, but I do believe all exemptions double when filing jointly.
    CJ
    341 on 8/3, determined NO ASSET
    60 day wait was over on 10/3/08. Discharged 12/23/08

    Comment


      #3
      Originally posted by cj0203 View Post
      I'm not 100% sure, but I do believe all exemptions double when filing jointly.
      Sorry - not correct. It depends on the state.

      And even in states that do allow doubling, all exemptions for each state are not necessarily doubled.

      What state are you in, ejny65?
      I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

      06/01/06 - Filed Ch 13
      06/28/06 - 341 Meeting
      07/18/06 - Confirmation Hearing - not confirmed, 3 objections
      10/05/06 - Hearing to resolve 2 trustee objections
      01/24/07 - Judge dismisses mortgage company objection
      09/27/07 - Confirmed at last!
      06/10/11 - Trustee confirms all payments made
      08/10/11 - DISCHARGED !

      10/02/11 - CASE CLOSED
      Countdown: 60 months paid, 0 months to go

      Comment


        #4
        What state are you in? In NH each person filing are entitled to each exemption, so in effect the exeptions are doubled.

        Comment


          #5
          I'm in NH too. I forgot that things are different for each state.
          CJ
          341 on 8/3, determined NO ASSET
          60 day wait was over on 10/3/08. Discharged 12/23/08

          Comment

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