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Exemptions on Car / Help Please

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    Exemptions on Car / Help Please

    I live in PA and I see a chapter 7 bankruptcy in my near future. My question is about the Federal bankruptcy Exemptions. I see there is mention of $11,500 of left over homestead deduction can be used on other property. I'm looking to save a car in which I have a lot of positive equity in. Aside from the $3,675 federal vehicle exemption, would I also be able to use the $11,500 to exempt the equity in my vehicle to keep the trustee from taking it?

    The vehicle is 2008 corvette in which I owe 18K on and it's worth around 28K.

    Finally do you have to actually Own a home to use the homestead deduction or does anyone using the federal bankruptcy exemptions get access to the $ 11.5K to exempt other property?

    Yes, you can apply the $11.5K to your car. No, you do not need to own a home to use the $11.5K wildcard on other property.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


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