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Left over homestead/ wildcard

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    Left over homestead/ wildcard

    I'm in Arkansas, but not for 2 years, so will be using California exemptions (scheme #2). Can the left over homestead exemption and wild card exemption be used on several different property categories? In other words, if I use $500 of the homestead exemption for carpentry/mechanic's hand tools (not tools of trade), can I then use the remainder for other property. Law reads "any property" but I'm not sure if this is intended to be a singular property.

    #2
    I am in CA as well and my lawyer is planning to split the exemption up between several things like car, bonds, jewelery etc so yes I belive you can use for multiple items or categories.
    Chp 7 Filled 2-21-08
    341 Hearing 3-24-08

    Comment


      #3
      Thanks, Monkatom. That's really good news. I saw your post from November, but there was no reply, so I started the thread. It's interesting that the "if you haven't lived there for two years" rule is to prevent supposed venue shopping. In my case it works the opposite way. The CA exemptions are more liberal than the Federal or the AR state exemptions. The BAPCPA is a real piece of work!

      Comment


        #4
        You can use your personal wild card to cover & add to house or car but if you want to cross things like using your car exemption & apply that to house, I don't know if they go that far with it.

        Say you have a house but no car. So trying to apply the car exemption onto the house would be a real tricky thing to try. That would be cool because you could take your 30,000 home exemption & buy a 30,000 car instead. hmmmm

        But I bet that would work if someone lives in a motor home & has an physical address too.

        For example, I do not own a home so I will just lose that whole exemption. Say it was 30,000 homestead, if they let me cross that over to cover 30,000 in jewelery or garage tools & tractors?

        well, I don't have that either but it was nice dreaming for a minute

        Comment


          #5
          Bandit I belive in CA if you use system 2 the homestead exemption of 20K or so becomes a wildcard if no equity or if you do not own a home. i am using teh homestead exemtion to cover my 19K car.
          Chp 7 Filled 2-21-08
          341 Hearing 3-24-08

          Comment


            #6
            Originally posted by monkatom View Post
            Bandit I belive in CA if you use system 2 the homestead exemption of 20K or so becomes a wildcard if no equity or if you do not own a home. i am using teh homestead exemtion to cover my 19K car.

            monkatom, so then what? take your car exemption & use that to cover something else?

            That sounds more to me like giving a wildcard exemption to use for whatever you need it for up to the totals of whatever terms they apply to each exemption where as the terms dont really mean anything.


            Why even give the exemptions a name with a slot, instead just offer a grand total for whatever & wherever you need it?

            Comment


              #7
              I am not sure i am following you? You can in CA use the homestead exemption as a wildcard for cars, jewelery, etc. You cannot use you're car exemption for jewelery etc. So In effect CA has two wild cards 20,725 from the homestead exemptiona and 1,100 wildcard.

              Frobscottle here is the CA system 1 and 2 exemption link
              Chp 7 Filled 2-21-08
              341 Hearing 3-24-08

              Comment


                #8
                Oh. Ok, I see what you mean now. At first I thought the whole thing was jumbled up all over the place where you go thru & mix & match totals wherever you want, but it only works to mix & match with the home exemption. I got it now.

                Comment


                  #9
                  ca exemption code numbers

                  Thanks for the link, monkatom. That's a really clear rendering. I want to give an url for the exemptions that includes the codes to cite on Schedule C (exempt property). The amounts here seem to be older than those on the link you gave. Also, if anybody uses the citations in filing pro se, they should be checked against the relevant CCCP to be sure there are no changes in sub-paragraphs etc.

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