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No, typically only one person can claim a homestead exemption on a property. It is usually reserved for the primary resident or owner of the property. If you file separately, you would need to decide who is the primary resident or owner eligible for the exemption.

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What is a Spousal Waiver of 703.140b exemptions?

I WOULD LIKE TO KNOW THE WORDING THAT GOES INTO THE SPOUSAL WAIVER. The "Spousal Waiver of 703.140b exemptions" that I am referring to in this answer is actually called the "Mutual waiver of right to claim state exemptions other than those provided in California Code of Civil Procedure 703.140(b), during pendency of bankruptcy case." It is a document that is signed by married couples when one spouse wants to file bankruptcy in California individually (and not jointly with their spouse) and they want to use the 703.140b exemptions. (This waiver is certainly used in the southern district where I practice). Exemptions are the things that allow you to keep property in a bankruptcy. Without exemptions your property would be taken and sold by the Trustee to satisfy your debts. There are two sets of exemptions in California. One set is called the "non-bankruptcy exemptions" and this is the set that contains the homestead exemptions. These are listed under CCP (Code of Civil Procedure) 704. If you don't own a home or if you don't have equity in your home then most people would choose the 703.140(b) exemptions when filing a bankruptcy because the 703 exemptions contain the very generous "wildcard" exemption. The wildcard (modeled after the federal exemption statutes) allows you to keep any type of property at all (even cash) with a value up to approximately $20,000. (Check for the exact amount at the time you are considering filing bankruptcy). The spousal waiver is necessary in California because both spouses must agree on which set of exemptions they will both take together. If they don't choose or if they can't agree on which exemptions they want then they get the non-bankruptcy 704 homestead exemptions by default. They would both then lose the wildcard. By signing the Waiver both spouses waive their right to claim any state exemptions other than those provided in 703.140(b) during the pendency of their chapter 7 bankruptcy. That means that if they sign then the agree to use the 703 exemptions (wildcard) and they waive or give up their right to use the 704 homestead exemption. In my experience most chapter 7 bankruptcy filers want this set of exemptions so most couples sign the document and they get their wildcard exemption which they must now share. The wording of the waiver comes from CCP 703.140(a)(2) so check out that section of the law to see where it came from but the effect of it is as I described above. For more bankruptcy information check out my website and my blog at www.farquharlaw.com.


How can i claim my husband as a dependent?

You don't claim a spouse as a dependent. If you are married you have only two option to legally file your taxes. These are Married Filing Joint and Married Filing Separately. Married Filing Jointly is where you file together and you don't file a spouse as a dependent but you still receive all benefits as if they were a dependent. You will get a higher Standard Deduction and get two exemptions plus any other dependents you may have. Married Filing Separately requires both of you to file the same way and each has to enter the other spouses social security number on their return. You can't file the spouse as a dependent this way.


Is a claimed dependent an exemption or a deduction?

Both. A taxpayer (the person who can claim the dependent) claims exemptions for themselves and their dependents. Each exemption qualifies them for a deduction. The amount changes each year ($3,700 per exemption for 2011) and a person will multiply the number of exemptions on Form 1040 line 6 by the amount for their total deduction on Form 1040 line 42. The deduction for exemptions reduces their taxable income.


In Ohio can child support and temporary alimony payments be garnished for a car that was voluntarily repossessed?

No, both are exempt from garnishment by a judgment creditor . Please note, the judgment debtor must claim the allowed exemptions they are not automatically granted by the court.


Does the passport card ship separately from the passport book when applying for both?

Yes, the passport card and passport book are typically shipped separately when applying for both.


Which president signed both the homestead act and the pacific railroad act?

Abraham Lincoln signed the Homestead Act as well as the Railroad Act of 1862.


Can states propose bills to decrease the amount of exemptions they allow or can they only propose bills to increase the amount of exemptions?

A state legislature can enact laws increasing or decreasing exemption amounts, add exemptions or delete exemptions that have already been established. Most laws both state and federal cannot usually be enforced retroactively.


In Texas - if you own 1 home and the husband owns land - will both qualify for an exemption if you claim one property and your spouse claims the other?

The homestead exemption is applicable only to the primary residence. So the only way you and your spouse could claim different homes is if you are separated and have different primary residences. * Texas is a community property state. Unless one of the properties was acquired before the marriage then they cannot be separated either for taxation or as a homestead declaration. Or as noted, perhaps in a legal separation and definitely in a divorce unless the issue pertains to a creditor judgment.


Can a credit card company that has placed the amount owed to collections place a lien against your house and then can the house be forcibly sold?

Maybe. There are several factors that enter into whether property can be sold to pay debts. There are state and/or Federal exemptions that may protect property from being seized and sold by creditors. The amount of protection, and the property that is protected differs from state to state. In some states only Federal exemptions are used, in others only state exemptions are legal, and yet others a combination of both. On top of that, there are non-bankruptcy exemptions that any consumer can use. Some states have constitutional laws, preventing the forced sale of a homestead. Therefore it is difficult to speculate on this situation without knowing the state of residency. Consult the laws of your state concerning Bankruptcy exemptions (lawsuit judgments are treated the same). Please feel free to email me if you feel I can help with further info.


Can both husband and wife file separately and both file as head of household?

if me and my husband both have a residence and we are married can we both file head of household?


Was the homestead act a push or a pull factor in the peoples decision to move onto the Plains?

It was a bit of both.


What can be seized after a financial judgment?

Any assets needed to satisfy the debt can be seized. The party must provide a receipt and track all proceeds. Anything obtained over and above what is needed to satisfy the judgment must be returned. If the judgment is for $5,000 and they seize items and sell them for $6,000, they must return the difference.Other Contributor OpinionsAll US states have a list of exemptions to protect real and personal property from a judgment creditor, these exemptions are usually the same as those allowed in bankruptcy, plus non bankruptcy federal exemptions are available in some cases. All SS benefits, public assistance benefits and the majority of private pensions are exempt from creditor attachment.Generally the most important exemption for most people will be that of the Homestead, which protects the primary residence from a forced sale by the judgment creditor, several states such as Texas have specific laws that do not allow the forced sale of a primary residence to satisfy a judgment.There is also added protection for married couples living in states where marital property both real and personal can be held as Tenancy By The Entirety and only one spouse is the debtor.