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Two questions regarding residency and a vehicle

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    #1

    Two questions regarding residency and a vehicle

    Hello I just moved to Florida from Ma. and I am looking to file chapter 7.

    I met with a lawyer yesterday and she told me I need to be a resident for 180 days. I looked that information up on these boards and it appears I need to be living here for 91 days and then can file but I would use the Ma. exemptions. Anyone know if it is the 91 days or the 180?

    I have a 05 Durango that kbb says trade in is 9k. I have two payments left on it. By using Ma. exemption law according to the lawyer I spoke to it allows me to use the federal exemptions. This would allow me to use $3450 (I believe x 2 because I am filing jointly) Does this sound right or should I be worried about loosing my vehicle? I am not exempting much for other assets.

    Thanks
    Kevin
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    #2
    From what I understand, no matter where you do it, as long as the exemption does not cover all the equity in the car, you will be able to buy (pay) the trustee and keep the car. I heve heard they do make payment arrangements to do that. I am new to this too, so I dont know for sure though.

    Comment

      #3
      Federal also (I believe) allows you to use unused homestead exemption as additional wildcard. If you're contemplating bankruptcy AND just moved, I am guessing you do not own a home with equity so should be able to use this to protect the vehicle.
      Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
      (In the 'planning' stage, to file ch. 13 if/when we have to.)

      Comment

        #4
        [QUOTE=SMinGA;430605]Federal also (I believe) allows you to use unused homestead exemption as additional wildcard. If you're contemplating bankruptcy AND just moved, I am guessing you do not own a home with equity so should be able to use this to protect the vehicle.[/QUOTE

        Question on homestead: Can someone explain homestead to me? In Illinois it is up to $15,000. My confusion is this, I am not keeping my home, but it says "real or personal property" .Do I get to use $15,000 toward my "stuff"? thanks!

        Comment

          #5
          Some states specifically say if you are not using the exemption to protect home equity, you can use it as a wild card. Like in GA - each adult filer gets $10k homestead exemption. Unused homestead exemption up to $5k each can be used as additional wildcard. I don't personally know about IL.

          Originally posted by mrskal View Post

          Question on homestead: Can someone explain homestead to me? In Illinois it is up to $15,000. My confusion is this, I am not keeping my home, but it says "real or personal property" .Do I get to use $15,000 toward my "stuff"? thanks!
          Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
          (In the 'planning' stage, to file ch. 13 if/when we have to.)

          Comment

            #6
            File while you can use MA or Federal exemptions. Florida exemptions suck! 1K car and 1K personal property.

            Florida is great if you have 500K equity in your home you want to protect. But who has that.
            Wife Laid off - 11/16/2009 Missed First Payments - 12/5/2009
            Filed Chap 7 - 12/31/2009
            341 - 2/12/2010
            Discharged - 4/19/2010

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