QUESTION

Is there a chance the trustee will abandon my property?

Asked on Jun 12th, 2013 on Bankruptcy - Missouri
More details to this question:
The suggested listing value for my home is $24,900. I was wondering if I can use part of me and my wife's wild card exemption to lessen the amount that is not exempt and if its possible that the trustee would abandon it. My wife is not on the title of the property so we are only exempt $15,000.
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5 ANSWERS

Bankruptcy Attorney serving Las Vegas, NV at A Fresh Start
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Unless you have previously done business with the Trustee, it is very difficult to predict what action s/he may take with respect to property not fully covered by an exemption. In Nevada, the wildcard exemption can only be applied to personal property, not real estate. If you are using exemptions from another state, you will want to look at the exact wording of the wildcard exemption. The smaller the amount of nonexempt property is, the more likely it will be that a trustee will abandon the property.
Answered on Jun 13th, 2013 at 10:49 AM

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This scenario would not apply in Idaho as Idaho has a $100,000 homestead exemption. Generally yes, you can apply wildcard exemptions to a home.
Answered on Jun 13th, 2013 at 10:37 AM

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Commercial Bankruptcy Attorney serving Davie, FL at Law Office of Jeffrey Solomon
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If you have been a Florida resident for 2 years, in bankruptcy you can use the Florida homestead exemption which is unlimited.(There are limitations if you reside in a city and you have more than 1/2 acre). You would not be using the federal wildcard exemption. You need to consult with an attorney.
Answered on Jun 13th, 2013 at 8:39 AM

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Bankruptcy Attorney serving Plantation, FL at Moffa & Breuer, PLLC
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Is there a reason you can't use the Florida homestead exemption?
Answered on Jun 13th, 2013 at 12:06 AM

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With that much non-exempt equity, I don' t think te trustee will abandon it. You can apply your $600 wild card exemption, but that won 't help much. You should talk to your bankruptcy attorney to see what options you have.
Answered on Jun 12th, 2013 at 10:44 PM

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