As I read it, there is a wildcard exemption of $5,000 of unused homestead or burial exemption, plus $500 of any personal property.
Now the amount of the homestead exemption is $18,500 since I am filing jointly and both the wife and I "own" the home. The house is currently worth $132,000 with the mortgage being $140,000. So with having -$8,000 in equity, I do not need to use the homestead exemption. Does this mean that I can apply the total wildcard of $5,000 towards whatever I want?
Edit. Just to let you know what I am doing. I have purchased Nolo Press,"How To File For Chapter 7 Bankruptcy". I am going over the Property Exemption Worksheet right now. I am a bit confused though.
How much detail do I need to go into regarding my property? For instance, regarding clothes, do I have to list all my clothes? Or do I just say "clothes" and give a value. Should I break down clothes by individual? Self, wife, kids, with values for each. What happens if I don't list my blender or something stupid like that. Can they take it to sell? How would they even know I had one. Do they come to your house and look everything over?
Now the amount of the homestead exemption is $18,500 since I am filing jointly and both the wife and I "own" the home. The house is currently worth $132,000 with the mortgage being $140,000. So with having -$8,000 in equity, I do not need to use the homestead exemption. Does this mean that I can apply the total wildcard of $5,000 towards whatever I want?
Edit. Just to let you know what I am doing. I have purchased Nolo Press,"How To File For Chapter 7 Bankruptcy". I am going over the Property Exemption Worksheet right now. I am a bit confused though.
How much detail do I need to go into regarding my property? For instance, regarding clothes, do I have to list all my clothes? Or do I just say "clothes" and give a value. Should I break down clothes by individual? Self, wife, kids, with values for each. What happens if I don't list my blender or something stupid like that. Can they take it to sell? How would they even know I had one. Do they come to your house and look everything over?
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