Exemptions State vs. Federal

[catwhisperer]

I have a question about exemptions. Do I understand it correctly that you can choose the State OR Federal exemptions - the federal ones being much higher than state.

ALso, if your stuff does wind up being nonexempt and sold at a trustee auction - do you box it up and take it to one of those collection centers or do them come in an violate your home.

[FilingOnMyOwn]

If something is not exemptable doesn't necessarily mean the trustee will be interested in it. Your property would have to be worth thousands more than the exemptions for it to even be worth taking. If they do take anything, the trustee will hire people to come get it.

I'm not sure if you can use the federal exemptions or not. If you're filing pro-se, I would say its definately safer to use exemptions specifically for your state.

[catwhisperer]

If something is not exemptable doesn't necessarily mean the trustee will be interested in it. Your property would have to be worth thousands more than the exemptions for it to even be worth taking. If they do take anything, the trustee will hire people to come get it.

I'm not sure if you can use the federal exemptions or not. If you're filing pro-se, I would say its definately safer to use exemptions specifically for your state.

That is my concern - it looks like the state exemptions are $300 but the federal would give us about $18,000 - married filing joint bk. We're in Pennsylvania.

[catwhisperer]

I think this is where all my confusion is. We have a personally guaranteed business loan. Say our exemptions are $8000 (I know this is a wrong figure). Our possessions are collateral for the loan - almost like a car. Can the bank then come in and take even the $8,000 and leave us with absolutely nothing.

[SinkingFast]

In PA you can go either way. State or Federal.

There's a hitch going Federal tho, according to our attny. Where we live, it's State only. So when filing BK, on Household goods, we only had to include items in the common areas. The kids' rooms were the kids' rooms, and the kids' possessions are the kids' possessions. They didn't enter into our inventory at all.

If you file Federal, you MUST follow all the Federal guidelines. You must include your kids' possessions, furniture, and clothes in your household inventory. You HAVE to abide by the "one computer and associated equipment, one TV, one VCR, one radio" thing. You've got to follow the Federal guidelines to a T on everything.

Just an FYI for you.

If you're filing Pro Se, I'd strongly suggest you sign up at PACER and spend some time there looking at current filings by different attnys in your area. Get a feel for what the attnys are doing. Maybe that will give you a better idea of what you need to do.

[annikasaunt]

I filed in CT using Federal exemptions and we didn't itemize at all. We gave a general idea of the value of groups of items and thats how it was listed on the petition. Trustee never said a word, in fact, on Pacer he has reported my case to be no asset. I'm just waiting for discharge now.

I had $9,800 in personal exemptions to use and he even adjusted my figures and made them higher because it would make more sense. He sort of itemized the list by saying I had pots and pans, glasses, plates, sheets, towels, etc...you get the picture.

I never once made a list of items in my house. I generalized, lucky for me I guess!! It sure did make it alot easier!!

Must be different everywhere you are...

[SinkingFast]

A lot does depend on the Trustee.

According to several of the attnys we Consulted with, one of the Trustees here is a younger, unmarried woman. The attnys are having to "teach" her that singles have different expenses, than couples who have different expenses, than parents with small kids, than parents with teenagers. Since this younger, unmarried female Trustee doesn't have the personal experience to draw from of being married with kids, she tends to be harsh on every filer that comes before her. She's much tighter on expenses than either of the other 2 Trustees here.

You musta had a rather sympathetic Trustee, Annika!