homestead exemption

[mejay76]

what all does this include Im not sure I understand what exactly this is for..Is it for home only or all personal effects? Thanks

[anonymuse]

This is for your residence.

For example,

$150,000 home
100,000 mortgage
25,000 heloc
===========
25,000 equity in your home

If the homestead exemption for you house is $30,000 then you do not have any non-exempt equity in your home.

[mejay76]

ok so If house is valued at 97000 we owe 62000 on first mortgage and our heloc we owe 27500 then they consider 97000-62000-27500=our total exemption?

[anonymuse]

Then you have 97000-62000-27500=7500 equity in your home. Not sure what state you live in, but each state has different amounts that they set for the homestead exemption.

Which state? I'll look it up for you.

[mejay76]

ok i live in wv and i think ours is 25000 so i will be safe on that

[anonymuse]

Not only do you have the $25,000 exemption--any unused part of it can be used as a wildcard exemption.

[mejay76]

oh great thanks btw where did you find that at?

[anonymuse]

I google west virginia bankruptcy court so that I got it off of one of the offical west virginia goverment sites.