Doubling exemption question.

[Anonymous]

We live in Michigan and will likely be using federal exemptions for our case. I have already emailed our attorney about a couple other things in the last couple of weeks so wonder if anyone can help with a quick question.

We have two cars. One is worth about $1000 and the other is worth $5000. We own both outright and both are in both my and my husbands names. Can we double the federal exemption which would exempt both vehicles? Anyone have experience with this? We need (or would at least very much would like) both vehicles so I'm just trying to figure out what our options are.

TIA!!

[0REDSOX7]

You have available to you what is called the wildcard exemption - so see if that is available to you...

[Anonymous]

Thank you. For some reason I wasn't thinking about the car being able to be part of that!

[0REDSOX7]

Obviously, it all depends ony our personal finances and circumstances - but for us, we put our expected tax return in our wildcard exemption which allowed us to keep it when it came in