Exemptions

Question 1

Exempt property is property that…

Answer 1

may not be attached by creditors, neither before a judgment nor after a judgment.

Question 2

What are the Exemptions?

Answer 2

1. PERSONAL INJURY ACTIONS
2. TENANCY BY THE ENTIRETY PROPERTY
3. HOMESTEAD EXEMPTION
4. POOR DEBTOR’S EXEMPTION
5. EXEMPTION FROM GARNISHMENT OF EARNINGS OR WAGES

Question 3

What is the exception to the exemption of personal injury claims?

Answer 3

The debt is for medical expenses related to the injury.

Question 4

What is NOT Tenancy by the Entirety property?

Answer 4

Property of the Husband and wife separately

Question 5

Tenancy by the entirety exemption exceptions

Answer 5

IRS can enforce a tax lien against a tenancy by the entirety.
A creditor who is owed a debt by husband-wife may attach a tenancy by the entirety (e.g. if husband-wife co-sign a mortgage)

Question 6

A homestead exemption is…

Answer 6

not the actual exemption of one’s real property, but the right to declare any property up to a certain value as exempt.

Question 7

The homestead exemption consists of:

Answer 7

1. $5,000 plus $500 per dependent.
2. People over 65 get $10,000.
3. In addition, the householder may hold exempt real or personal property used as the principal residence of the householder not exceeding $50,000 in value

Question 8

The homestead exemption is claimed by filing…

Answer 8

a “homestead deed” with the clerk of county where the real property is located.

Question 9

Can you file a homestead deed after a judgment lien attaches?

Answer 9

yes

Question 10

The homestead exemption cannot be used against:

Answer 10

1. Purchase money security interest
2. Spousal or child support obligations
   Intentional tort claims
3. When waived vis-a-vis the creditor in question
4. Against the IRS

Question 11

What is Poor Debtors Exemption

Answer 11

A list of exempt property that everyone gets.

Question 12

What does the Poor Debtor’s Exemption consist of?

Answer 12

1. Clothes up to $1,000
2. Furnishings, Heirlooms (heirlooms are not defined in the statute), Burial lot up to $5,000
3. Tools of the Trade up to $10,000
4. Car up to $6,000
5. Family bible, wedding and engagement rights, and pets.

Question 13

What is the Exemption for garnishment of wages?

Answer 13

Wages are exempt, but only for the lesser of:
25% of wages, or
Excess of 40 times the federal hourly minimum wage.