I'm having some trouble understanding how some of the exemptions are applied. Let me throw out a hypothetical (with obviously fake numbers and facts).
Fact 1: I do NOT own a home or other real property/real estate.
Fact 2: My personal property and belongings entirely consist of $30,000...
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Homestead, Wildcard, Personal Property & Tools of Trade
Last edited by njbk7; 12-13-2010, 02:34 AM. -
Filing Ch 7 is $20,000 bank account exempt?
My attorney says because we do not have any real estate/ mortgage, we can use our exemptions to protect our checking and savings accounts, which total around 20K. We live in Texas, and he says he will use federal exemption laws and not state. We are filing Chapter 7 due to credit cards and medical bills.... -
Exemption Strategy
Sorry in advance for the length.
Just looking for a little sanity check here. I'm getting ready to file for Chapter 7 in Washington state, pro se. Since I don't need the homestead exemption given the current value of my home versus the loan, I am electing to use the federal exemption...