I am expecting a large tax refund and my lawyer says he can protect $10,000of it since we won't be using any of our homestead exemption. Our house is extremely underwater. I thought I could only protect $5000. My husband and I are filing bk jointly. Please help!
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tax refund question georgia
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Originally posted by nichole04 View PostSince we are filing jointly can we exempt $10,000 in cash or just $5000?
The exemption law operates by identifying certain types of property that cannot be seized by the trustee or creditors in a bankruptcy. For example, the first $10,000 of equity in real estate is exempt. For a married couple, filing jointly, the real estate exemption is doubled to $20,000.
You can apply any unused portion of your real estate exemption to gain additional exemptions. For example, if you have a car worth $15,000 and you owe $7,000. You would have $8,000 of equity. Use the $3,500 exemption and you still have $4,500 of non-exempt equity. You can use $4,500 of your real estate exemption to completely shelter your car. You can read more about maximizing your Georgia bankruptcy exemptions by clicking on the link.
Check out this site where I got this from, looks pretty knowledgeable:
http://www.atlanta-bankruptcy-attorn...xemptions.htmlNew Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!
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Tax refund and exemption
Originally posted by LSUTiger32 View PostLooks like that is the case. In Georgia it seems as though you can keep $10,000 in equity in a home for each person filing if married and filing jointly. Also looks as though in GA you can shift unused home equity protections to other things:
The exemption law operates by identifying certain types of property that cannot be seized by the trustee or creditors in a bankruptcy. For example, the first $10,000 of equity in real estate is exempt. For a married couple, filing jointly, the real estate exemption is doubled to $20,000.
You can apply any unused portion of your real estate exemption to gain additional exemptions. For example, if you have a car worth $15,000 and you owe $7,000. You would have $8,000 of equity. Use the $3,500 exemption and you still have $4,500 of non-exempt equity. You can use $4,500 of your real estate exemption to completely shelter your car. You can read more about maximizing your Georgia bankruptcy exemptions by clicking on the link.
Check out this site where I got this from, looks pretty knowledgeable:
http://www.atlanta-bankruptcy-attorn...xemptions.html
Thank you
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