Help with exemptions

[notforsale]

I am in TN, I understand most exemptions; however I have yet to read anything about my car. Family of 3 one car that is a paid for 06 Jetta going bk7 with over 100k unsecured. We are using the 25k homestead exemption b/c we have a child in the home. I know we have 4k each for personal wild card, do we have to use that to save our only car? I use the car for work, but I only get 1900 exemption for my business items. I am new to this site and I am very very thankful for this forum. Any help would be great!!!! Thanks!

[justplaintired]

Are you working with an attorney? Do you know your actual exemptions? Have you been advised you can exempt $25K in your home and do you actually have that much equity? Check and make sure what Tennessee exemptions are.

You will have to have the an exemption for the car. Did you check blue book value? Use private party sale. The trustee doesn't care if this is your only car, they only care if that car can be sold to repay some of your creditors. So if the car has a higher value then you have exemptions, they can take the car in a C7.

You will not want to use, nor would it be wise to use all your personal property exemptions for your car, you need those for your household goods also. You and your dh have $4K each for all your "stuff", including a car.

[notforsale]

Thanks. We are meeting with the atty next week. Per the East TN bK court website these are the exemptions for TN. Yes we have about $25k in equity. The same site indicates that our homestead is 25k b/c we are married filing joint with a child under 18.The car is worth about 9k kbb value. Beyond our clothes our furniture is not of great value.

We owe family about 6k ytd that we borrowed to keep afloat. I told them that the car is the only thing we could use at collateral but did not make anything formal. WHat should I do about this?

[Nicki8875]

Where are you finding the exemptions for TN? TIA!

[Nicki8875]

I dont see anywhere about a $25K exemption? Only $5000 or $7500? I would love to find this info b/c this would be the deciding factor for us! TIA!

[aljohnson007]

I believe in TN if you are filing jointly and have one dep child, you can double the $25k for a total of $50k homestead exemption.

[Nicki8875]

I believe in TN if you are filing jointly and have one dep child, you can double the $25k for a total of $50k homestead exemption.

The only thing I have found is for individuals w/ a dep. child or someone over 62? I would really like to find any information on this. Thx!

[aljohnson007]

I stand corrected. Man, is TN law screwed up. I looked up a court case that decided if you are an individual w/one dep child, $25k, if you are married and filing jointly, $7.5k. I would have to say, see an attorney and you may want to consider Ch13.

[Nicki8875]

Wouldn't the exemption be the same in a 13? My problem is we have around $30,000 in equity. If we got $25,000 then there is only $5,000 in equity we have to deal with but we are married w/ 3 dependent children. What a screwy law!!!!