I am filing Chapter 7 Bankruptcy. I don't own a home. Can I use the federal homestead exemption to help protect my vehicle? If not how can I protect my vehicle? Is there another exemption that I can use to help cover it? I can kids that I need to get to school, I cannot lose my vehicle. Thanks.
Robert W GambrellChapter 13 Bankruptcy AttorneyOxford, MS ·
The Federal exemption scheme has a wild card exemption that you can use to exempt equity in any type of asset. If you do not own home, a large portion of the unused homestead exemption carries over to the wildcard exemption.
It appears that you plan to file your case pro se. The answer to this question could be answered by an experienced bankruptcy attorney for you easily. The problem that many pro se debtors face after filing results from the questions that they did not know to ask or consider.
A 2011 study by the US Courts revealed that pro se chapter 7 bankruptcy cases are 8 times more likely to be dismissed. The study does not look at the frequency of other problems arising for pro se debtor such as the loss of property or certain debts not being discharged. Every week, we answer questions for pro se debtors that have found that they are now have some of those big problems and it is going to cost them far more than they would have paid had they hired an experienced bankruptcy attorney prior to filing their case. The study also does not consider the number of pro se debtors that could have received more relief by filing a chapter 13, which would they would have probably filed had they retained an experienced bankruptcy attorney.
Richard L. BlumenthalChapter 7 Bankruptcy AttorneyNewton, MA ·
And, at least according to Nolo, Minnesota does allow you to take the federal exemptionsFor a general overview of bankruptcy exemptions, visit the Bankruptcy Exemption topic page.
Minnesota Allows Debtors to Choose Between State and Federal Exemptions
Minnesota is one of the few states that allow debtors to choose between state and federal bankruptcy exemptions. This means that bankruptcy filers may examine both sets of exemptions and elect the exemptions that better protect their assets.
The auto exemption is the wildcard exemption will appeal to cover everything you own. However sometimes your own things that you don't know. Interest transferred from parents, cause of action that you're not thinking about. You should really see a lawyer
Bankruptcy is not really a DIY project. You should consult a local bankruptcy attorney about your filing. The exemptions you should claim should be the Minnesota exemptions, as opposed to the federal exemptions. The Minnesota state exemption on a motor vehicle ($4600) is almost twice the amount of the federal exemption for a motor vehicle. You must claim either the state exemptions, or the federal exemptions on your schedules. You cannot mix and match between the state and federal exemptions lists.
You should consult with a Minnesota bankruptcy attorney. You might be able to fully exempt all of your assets, but it's not clear if you are even eligible for a chapter 7 or if you have other assets that might make it difficult to fully exempt everything. Do yourself a favor and contact a qualified bankruptcy attorney. Many will offer a free consultation.
