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If I Don't Need my Homestead Exemption, Can I Use it for Something Else?
I don’t have any equity in our house, so I don’t need to use my homestead exemption. Can I apply it towards other personal property?
All Exemptions Questions & Advice
Can I Claim more than One Car Exempt?
My wife and I rely on both of our car for work, and want to keep both of them. If we file for chapter 7, will we be able to claim both of them exemp...Can I buy household appliances before I file bankruptcy?
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Can I file bankruptcy if i have equity in my home?Can I file chapter 7 without including my house?
I have way too much credit card debt and medical debt, and I don't see any way out other than getting rid of it through bankruptcy. However, I want ...Can I keep my home and car in a chapter 7 case?
Can I keep my home and my car if I file for chapter 7 bankruptcy?Can I save my 401k and file chapter 7 bankruptcy?
I have been stuggling with unemployment and tons of credit card debt for over 8 months now. My only option left is to take money out of my 401k to r...Can a bankruptcy attorney get back a repossessed car if I file?
Last year I purchased a sports car. But the recession set in and I could not pay back the loan. The bank repossessed my car. Now I am considering ba...Can the bankruptcy trustee touch my pension fund?
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I am considering bankruptcy filing. I understand that the trustee may sell my non-exempt assets and use the sale proceeds to repay my creditors. Few...How does mortgage stripping work in bankruptcy?
I have a huge mortgage debt. I am considering bankruptcy. I have been told that I can get rid of a mortgage through lien stripping.If I Don't Need my Homestead Exemption, Can I Use it for Something Else?
I don’t have any equity in our house, so I don’t need to use my homestead exemption. Can I apply it towards other personal property?Is my 401k Protected in Bankruptcy?
I am thinking about filing bankruptcy, but I am concerned about my retirement accounts. I have a 401k with over $75,000 that I have been building up...What Can I Do to Plan Ahead for Bankruptcy and Make Sure I Keep My Property?
I have been weighing our options regarding getting financial help, and have decided that bankruptcy is going to be our best option. I am still not s...What are the savings and checking limits in bankrupcy?
We are thinking about filing for bankruptcy, but we need access to the cash in our checking and savings accounts to pay for day to day things during...What happens to the positive equity I have in my house if I file for chapter 7 bankruptcy?
What happens to the positive equity I have in my house if I file for chapter 7 bankruptcy?What is a Wild Card Exemption in Chapter 7?
I have been looking into bankruptcy as a way of getting out from credit card debt. I am trying to workout all my available exemptions and ran across...Why Do Most People who File for Chapter 7 Keep All of their Property?
I have been reading some attorney blogs and other sites, and most claim that filing for chapter 7 bankruptcy will not cost most people any of their ...Will I Keep All of my Non-Exempt Assets in Chapter 7 Bankruptcy?
I have tallied up all of my personal property, and I don’t have enough exemptions available to cover my second car as well as some electronic equi...Will I lose the money in my checking and savings if I file for bankruptcy?
I am considering bankruptcy filing. I heard that once you file for bankruptcy, the trustee will take control of all your assets and liquidate them to...Will my certificate of deposit be protected if I file for chapter 7 bankruptcy?
My question is about a CD. If I file for Chapter 7, will be certificate of deposit be protected?This site does not provide legal advice and users of this site should not interpret any of the information presented here as legal advice. The information provided merely conveys general information related to commonly asked legal questions. We are not a law firm and the employees responding to questions are not acting as your legal attorney. You should ultimately consult with a Lawyer for your case.
Answers
Depending on the state you live in, and whether you use Federal or State exemptions, you should be able to use some of your homestead exemption towards other property.
For example, the federal homestead exemption allows you to use half of it’s unused value towards other property. For this reason, the Federal homestead exemption is often referred to as a “wildcard” exemption because it is often used for property other than a primary residence.
Alternatively, many states have a dedicated “wildcard” exemption that a debtor may use towards property not covered by specific exemptions.
It’s important that you and your bankruptcy attorney take the time to plan how best to use your exemptions prior to taking any steps toward filing for bankruptcy. When done properly, even debtors filing for chapter 7 "liquidation" bankruptcy will keep ALL of their property while simultaneously eliminating debts.
Talk to a Bankruptcy Lawyer about the available exemptions in your state, and find out how you can keep all the property you care about while getting rid of all your unsecured debt.
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Posted by Domenica Ginocchio on 27 Mar 2010