I am filing for Chapter 7 bankruptcy and I don't own a home. My state has a homestead exemption. Can I apply it towards other property?
Can I Use the Homestead Exemption for Something Else?
Talk to a Bankruptcy Attorney
Enter Your Zip Code to Connect with a Lawyer Serving Your Area
Enter Your Zip Code to Connect with a Lawyer Serving Your Area
Related Ads
Question:
This article is provided for informational purposes only. If you need legal advice or representation,
click here to have an attorney review your case .
click here to have an attorney review your case .
Get Informed About Bankruptcy Law
Popular Topics
Chapter 7 Bankruptcy - Learn about the most common type of Bankruptcy.
Chapter 13 Bankruptcy - Options for homeowners and filers with high income.
Process of a Bankruptcy Case - Find out what's involved in filing a bankruptcy case.
Property and Exemptions in Bankruptcy - Find out how your property is (or is not) protected.
Your Home in Bankruptcy - If you're a homeowner, find out what happens to your house.
Your Car in Bankruptcy - Learn about your options to keep (or surrender) your car.
Using a Bankruptcy Lawyer - Find out if you need a lawyer and how to pick a good one.
Chapter 13 Bankruptcy - Options for homeowners and filers with high income.
Process of a Bankruptcy Case - Find out what's involved in filing a bankruptcy case.
Property and Exemptions in Bankruptcy - Find out how your property is (or is not) protected.
Your Home in Bankruptcy - If you're a homeowner, find out what happens to your house.
Your Car in Bankruptcy - Learn about your options to keep (or surrender) your car.
Using a Bankruptcy Lawyer - Find out if you need a lawyer and how to pick a good one.
Get Professional Legal Help
The content of this website is provided for informational purposes only, and should not be construed as legal advice. Always consult with an attorney regarding any legal issues. If you live in Alabama, Florida, Missouri, New York or Wyoming, please click here for additional information.
Recent Articles | Terms and Conditions | Privacy Policy | Site Map Copyright © 2012 ExpertHub.com. All rights reserved.
LA-WS5:0.9.17.120126.12696+
Answer: (1)
Whether you can apply the homestead exemption amount to other property depends on your state exemptions and whether you are allowed to use the federal exemptions.
Some states allow you to apply any unused portion of the homestead exemption to other property.
If you are using the federal bankruptcy exemptions (currently 18 states allow debtors to use federal instead of state exemptions), you can apply up to $10,825 of any unused homestead exemption towards any other property.
Alternatively, many states have a dedicated “wildcard” exemption that a debtor may use towards property not covered by specific exemptions.
To learn more about exemptions, including the wildcard and homestead exemption, and whether you can use state or federal exemptions, see our Bankruptcy Exemptions topic area.
Posted by Staff Attorney on 27 Mar 2010