We're doing our homework before filing a joint Chapter 7 in the Western District of Wisconsin. We can choose between Wisconsin exemptions and federal exemptions.
We own two cars, both old and paid off, both needing mechanical work. Value of each is $1,800 to $2,100 (but that's if they didn't need serious mechanical work).
Wisconsin exemptions refer to "motor vehicles" (plural), while federal refers to "motor vehicle" (singular). In both cases we're allowed to double, since we're filing jointly.
If we use the federal exemptions, does doubling mean that we can exempt ONE car up to $5,900... or TWO cars each up to $2,950?
Thanks!
We own two cars, both old and paid off, both needing mechanical work. Value of each is $1,800 to $2,100 (but that's if they didn't need serious mechanical work).
Wisconsin exemptions refer to "motor vehicles" (plural), while federal refers to "motor vehicle" (singular). In both cases we're allowed to double, since we're filing jointly.
If we use the federal exemptions, does doubling mean that we can exempt ONE car up to $5,900... or TWO cars each up to $2,950?
Thanks!