Florida bad State?

[jeb]

Unless I am missing something, Florida seems to hard on BK filers.

Except for the homestead, there is only a $1000.00 ex. on auto and on personal property - almost no other exemptions except for the normal income ones.

Since one would have some furniture and such, how do you keep things under $1000.00?

No wildcard.

Am I missing something?

Tks all - hope all had a great Turkey day - jb

[justbroke]

Unless I am missing something, Florida seems to hard on BK filers.

Except for the homestead, there is only a $1000.00 ex. on auto and on personal property - almost no other exemptions except for the normal income ones.

Since one would have some furniture and such, how do you keep things under $1000.00?

No wildcard.

Am I missing something?

Tks all - hope all had a great Turkey day - jb

If you don't have equity in your homestead (primary residence) you can use $4K in exemption on that... in addition to the $1K wildcard... for a $5K per debtor/spouse wildcard. If you're married, you get $10K for wildcard (if you don't use the homstead exemption).

With the way the market is, most people are upside down on their homes anyhow. California is really no different either, in that most of the money is in the homestead exemption.

Florida, has the famous (or infamous) unlimited homestead exemption. If you had $1M in equity in your homestead (primary residence) it would be exempt from Bankruptcy!!!

[Beeheery]

I live in South FL. Since I do not own a home, am I able to claim 5k worth of personal property? I mean I don't have 5k worth of stuff, but maybe I could get my grandma's car in my name now since I think it is only worth 4k. It is a 92' Camry. I have been putting it off since I thought I was only able to claim 1k worth of property. Thanks so much!

[justbroke]

I live in South FL. Since I do not own a home, am I able to claim 5k worth of personal property? I mean I don't have 5k worth of stuff, but maybe I could get my grandma's car in my name now since I think it is only worth 4k. It is a 92' Camry. I have been putting it off since I thought I was only able to claim 1k worth of property. Thanks so much!

You get $5K in wildcard exemptions, if you don't claim a homestead Exemption.

First, you get $1,000 under the Florida State Constitution Article X, Section 4.

Then, you get a $4,000 unused homestead exemption under Florida Statute 222.25(4).

That totals, $5,000 for a single person not using the homestead exemption.

[Beeheery]

Great! Thank you so much for all of your help!

[jeb]

I have gone to several sites, including the info in NOLO's ebook, and all say that the amount is $1000.00 for an auto and $1000.00 in personal prop if filing by myself.

I don't find the extra $4000.00 anywhere. - jb

[justbroke]

I have gone to several sites, including the info in NOLO's ebook, and all say that the amount is $1000.00 for an auto and $1000.00 in personal prop if filing by myself.

I don't find the extra $4000.00 anywhere. - jb

That's exactly why I don't use the NoLo book...

It's in the Statute, and was added recently (July 1, 2007).

F.S. 222.25
.
.
.
(4) A debtor's interest in personal property, not to exceed $4,000, if the debtor does not claim or receive the benefits of a homestead exemption under s. 4, Art. X of the State Constitution. This exemption does not apply to a debt owed for child support or spousal support.

And, from your District...

The purpose of these extra exemptions is to give a person who lacks a homestead a minimal amount of property from which to restart their lives." In re Morales, 381 B.R. 917, 921 (Bankr. S.D. Fla. 2008).

[jeb]

Tks JB - jb

[drowningNdebt]

please explain what this means. are they referring to $4,000 total assets? cash, furniture, tv, etc all added up must not exceeed that? I'm confused.

[GreenInkOnPaper]

please explain what this means. are they referring to $4,000 total assets? cash, furniture, tv, etc all added up must not exceeed that? I'm confused.

Exactly, but the figure is $5k. If you are married, filing jointly, it's $10K -- IF you don't use the homestead exemption.

[drowningNdebt]

how specific is this? Do you need to count clothes, bed, normal living items such as a couch, coffee tables, pots/pans, etc? OR is it just triggered to anything in addition to the necessity items, big screen tv, pool table, etc.

[StartingOver08]

justbroke is exactly right. It is $1000 + the unused homestead exemption of $4000 (max) for a total of $5000 and that is for everything in Fl. Make sure to price out all of your 'goods' at garage sale prices.

[fltoo]

Not necessarily true

Want to give you some case law regarding FL exemptions for your attorney
if he is not telling you that you have a total of 6000., if you need to exempt a vehicle.

FL has a 1000. exemption for auto, 1000. for personal and now 4000. if you are not claiming homestead, for a total of 6000. For example, if you need to use the entire exemption on your car, you can exempt 6000.

The statute reads that the 4000. is a cap and not added to the original 1000.
A debtor challenged a trustee on this, though, and won.

http://pacer.flmb.uscourts.gov/pdf-new/49317390.pdf

[jeb]

Tks, Fltoo -

I had posted this before I had met with my Attorney so what not clear on how things work.

But without the extra $4,000.00 IF one does not have a home to claim, there is only the $1,000.00 for the auto exemption and $1,000.00 total for personal property.

Seems many states have a "wild" card amount - some up to $6,500.00 - which we don't have in FL. - jb

[drowningNdebt]

does the exemptions include cash in bank can't exceed x amount of dollars