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WA exsemtions how to use them

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    WA exsemtions how to use them

    Hey guys and gals so WA now has a 125K homestead but we have no equity in our home is it possible to use some of this for other items like my truck??? I own it outright worth about 40-45K

    Give me your thoughts on this! The truck is used for my auto hauling business so without it I will be looking for a job I can walk to???
    Converted to Chp 7 in July 341 AUG 3rd Went well!!!
    Trustee Paid Off Looking At Discharge!!! Might Be A Good After all!
    Discharge Date 10/02/09 Counting the days down

    #2
    Originally posted by 253BK View Post
    Hey guys and gals so WA now has a 125K homestead but we have no equity in our home is it possible to use some of this for other items like my truck??? I own it outright worth about 40-45K

    Give me your thoughts on this! The truck is used for my auto hauling business so without it I will be looking for a job I can walk to???
    You really need to ask an experienced WA bk lawyer this question for a 100% reliable answer. However, I did some quick online research and didn't see a single source that said WA allows you to use your leftover homestead equity to protect another asset.

    In WA you can elect to use the federal exemptions instead of Washington's. However you don't get much more vehicle protection with the fed's exemptions than WA provides. Neither is anywhere near $40-45K.

    It looks like you could have a serious problem trying to protect your truck using exemptions if you file. Have you discussed this with several experienced WA bk lawyers in your area to see what they think? That's your next step. Set up 3-4 free or low-cost initial consultations and find out where you really stand on your truck and get reliable answers to any other questions you have.

    Good luck - please keep us posted about what you find out, ok?
    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

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      #3
      Well that wasnt what I was looking forward to hearing!!! I wonder if I was to say I owed my in laws the 40K which I will down the road if I can include them in my BK payment

      I would rather not tell them about filing but if I have to then so be it!
      Converted to Chp 7 in July 341 AUG 3rd Went well!!!
      Trustee Paid Off Looking At Discharge!!! Might Be A Good After all!
      Discharge Date 10/02/09 Counting the days down

      Comment

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