Using Your Homestead Exemption for Something Else

Bankruptcy Attorney

When you file for bankruptcy depending on which chapter you are filing for, you are going to find that there are some exemptions available to you. You want to take as much advantage of these as possible.

When you hire a qualified bankruptcy attorney, they will explain the exemptions that are available to you and give you advice on how these can be beneficial to you. What you have to keep in mind is that each state has its own rules when it comes to bankruptcy and exemptions they allow. There are also federal exemptions that may be used. Some states will utilize only their own list or they will allow a choice between the federal or state bankruptcies.

If you are utilizing a homestead exemption, some states will allow you to apply any excess that is been under used to other property. In some states you may be allowed to apply a maximum of $11,500 of your unused homestead exemption against your other property. Then in some states they have what is called a wildcard exemption and this exemption is one that covers a broad spectrum which can be used towards property that may not be specifically listed under the exemption list.

Bankruptcy laws can be pretty complex and difficult to figure out and this is a reason why you want to make sure that you have professional help to assist you with understanding of the entire process and what your rights are under the bankruptcy law.

Contact us today for a free consultation.

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