CH/7 Bankruptcy

[raybert860]

What is the name of your state?WA.
Will be filling out papers myself, Do I need to file with my county clerk here in washington, a homestead excemption befor I file papers with the Bankruptcy Court, As my home is a MH in a park I own free and clear worth $19,000 and can claim $40,000 on the excempt list. also our car is worth $9,000 in blue book still owe $6,450 and can claim $2,500 excempt is that total our can we claim $5,000 since it is our only car? please look forward to any help. Thank You. PS I don't own the land my home sits on.

 

[mymymy]

What is the name of your state?WA.
Will be filling out papers myself, Do I need to file with my county clerk here in washington, a homestead excemption befor I file papers with the Bankruptcy Court, As my home is a MH in a park I own free and clear worth $19,000 and can claim $40,000 on the excempt list. also our car is worth $9,000 in blue book still owe $6,450 and can claim $2,500 excempt is that total our can we claim $5,000 since it is our only car? please look forward to any help. Thank You. PS I don't own the land my home sits on.

I think you mean a homestead declaration, don't you? It's always a good idea for a homeowner to file the homestaed declaration if it's available in your state. In your case, it shouldn't really matter because your exemption covers your equity.. but, go ahead and do it if you want.

I don't think you can double your exemption amount on one vehicle- but, I'm not very familiar with your states exemptions. Some states are allowing a double exemption on homesteads- but, I've never seen one that doubles the auto exemption for one car. Normally, for example, if you had two cars with two licensed drivers- then each person could take the exemption (filing jointly)

Also, check into whether or not your state offers a wildcard exemption. If so, you may be able to use the leftover exemption from the homestead and apply it to other personal property.. ie: your car.

 

[Ladynred]

WA allows state or federal exemptions to be used. Federal are usually more generous.

State exemptions: http://www.bankruptcyaction.com/waexemptions.htm

Federal: http://www.bankruptcyaction.com/fedexemptions.htm

WA state allows the following for vehicles:

two motor vehicles, farmer's equipment and tools not to exceed $5,000.00 in value,

If the EQUITY in your vehicle doesn't exceed 5K, you should be able to use the whole thing.

As for the mobile home, Federal gives you an exemption of 18,450K. Are you CERTAIN the MH is worth that ?? MH's depreciate VERY quickly and have a lousy re-sale value. I suggest you check that value.