Exemptions doubled?

[momof3b1g]

We were told Monday that the homestead under federal is doubled as is the wildcard. But we have to much equity in the house. They want us to get an appraisal and hopes it comes back lower then what the county says is market value. We didn't get into the other exemptions yet. So not sure on those. But we want to use the federal exemptions and hope to have enough left to keep wages and tax return.

[Tbornetun]

That makes sense.

[momof3b1g]

For the 2600, it would be up to the trustee whether or not they bother. We usually cover snow blowers under the wildcard exemption. Sometimes we have slid it in under "tools for trade", depending upon the situation.

I think my inlaws must have used state Exemptions. As there house/land was paid off. So they had no wildcard.

[Tbornetun]

For the 2600, it would be up to the trustee whether or not they bother. We usually cover snow blowers under the wildcard exemption. Sometimes we have slid it in under "tools for trade", depending upon the situation.

[momof3b1g]

We have been able to double the vehicle exemption while the client only has one car.
They are all doubled.

REALLY?! Wow that is a relief i will have to tell dh about this. Here we were worried about all this. I wonder why the attorney never mentioned that. I know he said something about not having over $10,000 in HG we were fine.
So are you in the cities? We are filing with someone up north. My FIL used them and seemed to be happy with how things turned out. Did the doubling change recenty? I know my Inlaws filed before the changes.


So what if they go by the $144,000 taxable value and we owe $101,000. If the homestaed exemption is doubled to $40,400. Are we going to have to pay the trustee $2600?

Also how come snowblowers (especially in MN) are considered luxury? My inlaws had to pay the trustee for theirs. I could even see if they lived in town, but when you have acreage. Its a need. LOL

[Tbornetun]

We have been able to double the vehicle exemption while the client only has one car.
They are all doubled.

[momof3b1g]

All of them.

How does that work? I mean i don't think the vehicle one can. Just that we can have 2 cars right?
What about the wild card? Or household goods? We could have $18000 in household goods?

[justbroke]

I think I confused you by what I wrote. When i posted "Alas, the Federal allows it", I was meaning that the Federal Exemptions can be doubled for husband/wife filing.

If you decide to use your State exemptions, you'll need to read each one to see if those can be doubled.

[Tbornetun]

All of them.

[momof3b1g]

If you are able to use federal exemptions, you CAN double them.

Which ones?

[Tbornetun]

If you are able to use federal exemptions, you CAN double them.

[momof3b1g]

If your State allows you to choose the federal over your State, then yes... if that's what it reads in the Federal Exemptions.

I always like to read them specifically so as not to be caught by things like the homestead exemption is almost always never doubled. (But, alas, the Federal allows it.)

Yes we can choose. i will find out for sure monday if and what we can double.

[justbroke]

This is what i read. So does anyone know about this for federal?

If you live in one of the above states, you must choose between using these exemptions or the ones allowed by your state. Be sure to compare the Federal Bankruptcy Exemptions with your state’s exemptions. The Federal Bankruptcy Exemptions can be doubled by a husband and wife filing together. This list updated as of August 2007.

If your State allows you to choose the federal over your State, then yes... if that's what it reads in the Federal Exemptions.

I always like to read them specifically so as not to be caught by things like the homestead exemption is almost always never doubled. (But, alas, the Federal allows it.)

[momof3b1g]

This is what i read. So does anyone know about this for federal?

[justbroke]

Does anyone have any info about the exemptions being doubled if both spouses are filing? Some mentioned this, is this for state or federal. Our attorney never mentioned it.

It depends.

You need to read the specific exemptions for your State. usually they will have a sentence with them that marreid couples filing together may double.

Again, this is by State. In California, some exemptions can't be doubled. You need to read the actual exemption.

Example, in Florida, any personal property to $1,000 is covered by Exemption. Husband & wife may double. However, you can't double the motor vehicle exemption as it's per vehicle. However, a Husband & wife get the $1K in each of two vehicles. A single filer only gets $1K in one vehicle.

Understand? It's not just simply doubling everything.