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Question on assets and the homestead exemption

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    Question on assets and the homestead exemption

    Of course I am going to be asking my attorney the same question but I'd like to get as much information as possible. Let me see if I have this right, my state (Pennsylvania) does not have a homestead exemption, so I'll be using the federal one, right? That's 20K or thereabouts? I'm giving up my former residence (living with relatives temporarily) and need to protect about 3 acres of property (assessed at 7,500 or so but honestly not worth that in a quick sale) that I want to place a mobile home or modular on. My attorney seemed to indicate that the value is so low that it will be absolutely nothing to worry about, but I'm still concerned. Is protecting this lot going to be any problem?

    Also would cash on hand/in the bank saved for the purpose of purchasing a mobile or modular home fall under this exemption or should I not be trying to save any money at this point? Is there some ballpark figure out there as to how much money is too much to have at any point in the process? I haven't filed yet, but intend to do so in very short order. And advice is appreciated.

    #2
    I am pretty sure that your attorney is "on the money" so to speak as far as the lot is concerned. I don't think the saved money will be covered though in this situation. Your cash on hand will be an issue at any degree. Looks like PA has a $300 personal property exemption. I am kind of confused. PA has crappy exemptions. Doesn't look to be a debtor friendly state.

    Looks to me like you should move to Texas. LOL.
    Disclaimer: Young, NOT Dumb.(._.) The plan: $480 monthly for 60 months at 100%. 07/12/08
    Motion to Discharge: FILED!! 08/07/13
    60 down/0 to go \m/(*.*)\m/ 100% complete!

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      #3
      Well we DO have an exemption for bibles. Of course I only have one of those, and while it has sentimental value I'd say the fair market quick sale value of it would be around $3.50. Am I correct in assuming that the federal exemptions are pretty much all I'll have here? If you think our consumer laws are wonky, come here and try to buy alcohol! It can be an ordeal! lol.

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