Is the federal exemption allowed in CT.?

[sports]

Please someone help me, I plan on going ch.7 soon, have a car that is paid off and worth 9k, my wife is the co owner, i also have a van worth 1k, which I own. We will hate to lose the car, i know in ct. 1500 state ex. plus 1k wild card, but can i use the federal ex, instead, how about the homestead ex. can I use it since we rent. Thank you for any help, this is eating me up.

[annikasaunt]

I don't know how the homestead exemption works when renting. I don't think it is allowed for anything unless you own. You can use the federal exemptions in CT. We used them...you get alot more exemptions with them!

[SinkingFast]

If I read it correctly,...........

If you do not use the Homestead Exemption, then you can use roughly $9K as a WildCard to protect any thing you want.

http://www.bankruptcyaction.com/fedexemptions.htm

As always, verify that with an attny.

[lrprn]

Please someone help me, I plan on going ch.7 soon, have a car that is paid off and worth 9k, my wife is the co owner, i also have a van worth 1k, which I own. We will hate to lose the car, i know in ct. 1500 state ex. plus 1k wild card, but can i use the federal ex, instead, how about the homestead ex. can I use it since we rent. Thank you for any help, this is eating me up.

You said "I" rather than "we"....are you filing bankruptcy alone without your wife?

According to http://www.bankruptcyinformation.com/CT_exemp.htm , you are allowed to use the federal exemptions to file if you wish.

I don't believe you can use the homestead exemption unless you own the property. (One exception: in Oregon the bk courts allowed an amount of pre-paid rent to count as a homestead exemption - http://www.orb.uscourts.gov/orb/newopinions.nsf/BF1454C3D34C902F88256CAF0078E1B8/$file/CASSERINO.PDF?openelement - don't know if this is pertinent in your case or not.) However, your monthly rent goes into your monthly expenses on your bk forms. If you are filing alone, are you above or below the median income for single wage-earner ($51,877) in Connecticut?

The cars could be tricky but since both are paid off, depends on what their value is to the trustee....are you hoping to keep both? Would you be willing to buy one or both back from the trustee if the trustee wants one or both?

One last question....are you planning to file with a lawyer or are you going pro se (filing without a lawyer on your own)? Married filers with co-owned property can be complex. Be sure to meet with 3-4 bk lawyers who give free half-hour to hour consultations first even if you are filing pro se - you will learn a lot. Good luck - keep us posted and come back with questions any time.

[sports]

yes i am filing alone - yes well below median income - hoping on keeping both cars- yes i am willing to buy both back from trustee, but for a limited price- i will be filing with a lawyer. i think my van falls under tools of trade.