Re: BK7 and stocks

Posted by LadynRed (199.91.33.254) on April 15, 2003 at 15:07:23:

In Reply to: Re: BK7 and stocks posted by eric on April 15, 2003 at 13:57:07:

No, you get 25% of the 30K personal property exemption to use for 'personal property' - anything that's not a vehicle or livestock, so your exemption is $7500 for household goods and personal stuff. TX is a community property state, so you have a 50% interest in anything that is in your marital household. You don't count every little thing, you lump things together and come up with one number for that category. You use GARAGE SALE prices to value everything - so it should be REAL easy to get your 50% into that $7500 exemption amount. If you can buy a new bbq grill or other things for your home and still get in under the $7500, you should be ok.

Yes, glasses, dental work, that kind of stuff is a necessary expense and would be acceptable. Does your home need any repairs ? TX homestead is 100% exempt, so anything you add to the house is safe.

Sorry.. can't pay your mother-in-law. That would be preferential payment to an Insider - the Trustee would defninitely go after that in a heartbeat.

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