Exemptions Flashcards
1
Q
Some property may be exempt from creditor collection including (poor debtor exemption)…
A
family bible, engagement/wedding ring, pets, heirlooms up to 5k in value; clothes not to exceed 1k in value; one firearm not to exceed 3k in value; car up to 6k in value; tools necessary not to exceed 10k in value
2
Q
Homestead exemption
A
value up to 5k; 500 dollars more per dependent; 10k if over 65
3
Q
How to file for homestead exemption
A
debtor has to record a homestead deed describing property and claimed value
4
Q
veteran exemptions
A
veteran who has a service-related disability who has a disability of 40% or more has an additional 10k wildcard exemption
5
Q
Federal exemptions
A
ss benefits, veteran benefits, federal civil service retirement benefits
