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Federal Exempt question

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    Federal Exempt question

    Hello,
    We are new to the BK filing and my attorney told us that were are considered federal exempt because we moved around a lot for my husband's job in this last year. We are getting ready to move to Florida and he is licensed there too and will still file it for us after we have been there for 91 days. However, I had to cut him short on our call to leave and forgot to ask him more questions about what federal exempt is. So my first question would be how much would a person be allowed in their checking account if they are federal exempt? Does anyone have a link that would tell me more info? I can't find anything that answers my questions.

    Thanks for any input!!!!!

    #2
    Here's a brief list of Federal Exemptions for you to refer to:

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

    If you aren't using the Homestead Exemption, you could easily protect up to $10K.
    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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      #3
      We are short selling our home so I don't think that would apply, we aren't making a penny on the sale.

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        #4
        thanks for the info too!

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