We would be filing jointly for CH7 in New Jersey using the federal exemptions and we have no equity in our home. The federal homestead exemption is up to $10,825 of the unused (we have no use for it because we have no equity) exemption. Does this double to $21,650 since we are filing jointly? How about the federal wildcard ($1,150 which would double to $2,300)? If these are both able to be doubled and we can exempt $23,950 worth of property which I think will be more than enough to cover our vehicles and wedding rings. Does that sound right?
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It was in our case but we didn't file in NJ. So unless NJ has some law that says you can't I think your understanding is correct. If you haven't already, check out the sticky about the NOLO book on Chapter 7. It is a great education tool and costs like 25 or so. It is available for d-load or you can pick it up at Barnes & Noble or Amazon.
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