Sch. C - Property claimed as exempt ..federal law for "cash on hand" + checking/svgs

[torosnca]

Trying to find the specific federal law for "cash on hand" and "checkings/savings"...can I use 11 U.S.C. 522 (d) (5)? or is it another one

thanking you in advance for assistance.

[justbroke]

That statute (11 USC 522 (d)(5)) is for ANY property and is known as a wildcard. Please make sure you are keeping track of the amounts that you are using in any exemption category. You do not want to go over and be exposed. Remember that 522(d)(5) takes some of the unused homestead exemption money from (d)(1), so if you're exempting a homestead, be careful.

[torosnca]

thanks for your informative response...am so glad that I found this site.

[chicagoannie]

toro - I went to my state's Legal Aid bankruptcy site and there were several sample cases with samples of completed schedules, along with explanations for each field. Maybe your state has this, too? It was invaluable - it saved my 2010 tax refund!