QUESTION
Can I double federal exemptions by joint filing? How?
Asked on May 20th, 2015 on Bankruptcy - New Jersey
More details to this question:
I am filing for a Chapter 7 bankruptcy. Can I double federal exemptions by joint filing?
8 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
You can only double the exemptions on property that is jointly owned. For example, if you're the sole owner of your house, then your spouse's homestead exemption won't apply. But if you and your spouse are joint owners, you get both exemptions. This is pretty much only an issue with things with legal titles, like houses, motor vehicles, bank accounts, pension plans, etc. Things without titles (furniture, appliances, jewelry) are usually automatically treated as jointly owned and the exemption doubles because there's two of you. The obvious question is whether you qualify for the Federal exemptions, most states require that you use state exemptions
Answered on May 25th, 2015 at 4:30 AM
Debt Settlement Attorney serving San Diego, CA
at
Law Offices of Kathryn Tokarska
Update Your Profile
This is posted in California. California doesn't use federal exemptions except for situations where the debtor cannot use either CA or a different state exemptions. Generally speaking, you cannot double up. Claiming exemptions is just one of the critical schedules in a bankruptcy petition. Messing this up could result in loss of property. Hiring an attorney to fix an already filed case will not only cost more but may prove difficult as many attorneys don't want to step into an existing problematic case to attempt damage mitigation.
Answered on May 21st, 2015 at 3:25 PM
Bankruptcy Attorney serving Madison, WI
at
Richard B. Jacobson & Associates, LLC
Update Your Profile
Yes. So long as you live in a state which permits use of the federal exemptions.
Answered on May 20th, 2015 at 4:06 PM
Exemptions are applied per person.
Answered on May 20th, 2015 at 3:48 PM
Yes if both file both get the federal exemption.
Answered on May 20th, 2015 at 3:01 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
Clearly you do not understand what you're doing and therefore should be consulting with a bankruptcy practitioner.
Answered on May 20th, 2015 at 1:56 PM
Bankruptcy Attorney serving Livonia, MI
at
Charles J. Schneider, P.C.
Update Your Profile
Yes in most circumstances if married and there is joint ownership.
Answered on May 20th, 2015 at 1:12 PM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
If you are doing a joint filing, you are entitled to twice the exemptions. Strongly urge you to use counsel.
Answered on May 20th, 2015 at 1:01 PM