Sentences with phrase «homestead exemption under»
Money Held In Account: Retirement accounts held in 401 (k), 403 (b), 457, and IRA accounts; retirements of state and local government employees; Social Security, Disability, and money received in a personal injury; wages are 3/4 exempt; and you can use your $ 5,000 homestead exemption under this category if you do not apply the amount to your home.
http://www.betterbankruptcy.com/ Not exact matches
Homes may be preserved under Chapter 7 Bankruptcy by using the state or federal allowable homestead exemption if there is not substantial non-exempt equity.
Under federal and most all state exemption laws, a homestead can only be one property.
Whereas the filing debtor in this illustration can claim the $ 27,871 for their homestead, they will be allowed under the federal exemption guidelines to use only $ 10,825 of the unused money for the second property.
Additionally, you can keep up to $ 1,000 equity in personal property, such as furniture, art, and electronics, or $ 4,000 equity in personal property if you're not using the homestead exemption; up to $ 1,000 in equity of your vehicle — more if filing bankruptcy jointly with your spouse; and pensions and most retirement accounts, under federal non-bankruptcy exemptions.
The court also determined that once the transaction closed, the deposit amount was protected from the Creditor under Florida's homestead exemption laws as proceeds from the sale of a homestead.