federal exemptions or state exemption chap 7

[kudumaned]

Hi Folks, do you use the federal exemption amount or state exemption amount for assets when doing chap.7 or can you choose which to use? Hey that rhymes! Thanks for the help!

[JRScott]

You chose one or the other in most cases.

You'd have to check your states rules on what exemptions are allowed (some do not allow federal at all, some allow a federal supplementry amount, some allow you to chose either federal or state).

[kudumaned]

Thanks Mr. Scott!

[ecsclb1724]

I used the federal exemptions. Because I didn't need to use all the homestead exemption, I was able to use float that money to cover things like my tax refund.

[pa308]

I agree you do choose. For PA federal was better than the state so it depends on your state