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Federal Wildcard exemption

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    Federal Wildcard exemption

    I am filing for chapter 7. I am bit confused about the federal wildcard exemption. I don't own a house. Can I use the homestead wildcard exemption? I have a motorcycle worth $9000. Can I use the wildcard exemption to save the motorcycle?


    hope this helps a bit.....

    What Property Do the Federal Bankruptcy Exemptions Protect?

    The following are some of the current federal exemption amounts. The amounts are adjusted every three years in April and the last adjustment occurred in 2010. If there is no dollar amount stated, you can exempt the entire asset regardless of its value. Also, if you are a married couple filing jointly, you can double the exemption amounts listed below.
    Federal Homestead Exemption

    The homestead exemption is designed to protect the equity in your principal place of residence. Keep in mind that you cannot use the homestead exemption on your investment or rental properties. You can currently protect $21,625 of equity in your home under the federal exemptions. (To learn how this important exemption plays a role in your Chapter 7 or Chapter 13 bankruptcy, see The Homestead Exemption in Bankruptcy.)
    Personal Property Exemptions

    Personal property includes all property you have other than real estate. The following are some of the most important federal personal property exemptions:

    $3,450 for your motor vehicle
    $1,450 for jewelry
    $11,525 aggregate value ($550 per individual item) on household goods, furnishings and appliances, clothes, books, animals, crops, or musical instruments
    $2,175 for tools of trade including implements and books
    Health aids
    Life insurance policies that have not matured except credit life insurance, and
    $11,525 in loan value of life insurance policy.

    Exemptions Relating to Support or Benefits

    Domestic maintenance such as alimony or child support reasonably necessary for your support.
    Life insurance payments that you need for support under policy of someone you were a dependent of.
    Social security, unemployment benefits and compensation, veteran’s benefits, public assistance, and disability or illness benefits.

    Exemptions on Recovery Received Due to Injury

    $21,625 for personal injury except pain and suffering or pecuniary loss
    award for loss of future earnings needed for support
    recovery for wrongful death of person you were a dependent of needed for support, and
    compensation received for being a crime victim.

    Wildcard Exemption

    You can apply the federal wildcard exemption to any property you own. Currently you are allowed $1,150 plus $10,825 of any unused portion of your homestead exemption to exempt any type of property
    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! and all are welcome to bk forum's Florida State Questions and Answers on BK


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