Could entire 4k exemption be cash??

[Beeheery]

hi everyone,
i recently sold some things on ebay and have over the past month, received just a bit over 1300.00. i wanted to be able to have some $ immediately after filing so i am not penniless right after. my question is, i wanted to delay filing because i started thinking that the trustee would want my money (i have withdrawn it and my checking is now 0.00). but...since i do not own a home in FL, i get a 4000.00 wildcard. I do not have any belongings CLOSE to that amount and was wondering if if i could just add my 1300.00 towards that wildcard and not run into any problem. the sooner i file the better but of course didnt think of this until after i sold my things. thanks so much!

[fltoo]

Florida Increases Personal Property Exemption

The Florida legislature passed a law increasing the personal property exemption in bankruptcy. Under Florida Statute 222.25 as written Florida debtors can claim a $1,000 exemption for miscellaneous personal property. Most bankruptcy debtors have applied this exemption to furniture, cloths, cash and other personal property. Effective July 1, 2007, the exemption is increased to $4,000 for those debtors not claiming or benefitting from a homestead exemption. Many Florida debtors not exempting a homestead can use the increased general property exemption to protect equity in automobiles not otherwise protected by the $1,000 exemption specifically allowed for automobiles.
People who could benefit from the increased personal property exemption may want to defer bankruptcy filing until the July 1 effective date. The wording of the statute appears to leave open issues for further court interpretation, such as the meaning of benefits of homestead exemption. For instance, I wonder if a debtor with a homestead owned jointly with a non-debtor spouse qualifies for the $4,000 property exemption if he exempts the residence as tenants by entireties property instead of claiming the exemption under homestead protection. As is the case in all new statutes, judicial clarification will ensue.

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Note that it includes cash in the first paragraph.

[DownNotOut]

For instance, I wonder if a debtor with a homestead owned jointly with a non-debtor spouse qualifies for the $4,000 property exemption if he exempts the residence as tenants by entireties property instead of claiming the exemption under homestead protection. As is the case in all new statutes, judicial clarification will ensue.

Wait a second. I'm particularly interested in this part. I will be filing single without my non-debtor spouse and I've been trying to figure out how I can fit all my personal property into the measly $1000 FL exemption. It would be great if I had some more room. Anymore info on whether this would be plausible or not?

[Beeheery]

Down,
If you do not own a home in FL, you get an additional 3000.00 wildcard that can be used towards anything. So, 4k total. Its a little goodie for us non home owners.

[DownNotOut]

Thanks Beeheery.

Yeah, I know, but I do own a home. But home is joint with my spouse who will not be filing because all the unsecured debt is in my name only. So I was wondering if, according to this quote from fltoo, if there is a way to not have to use my homestead exemption if my non-filing spouse is joint owner?

It just peaked my interest - maybe fltoo could weigh in some more.....

[fltoo]

Down,
If you do not own a home in FL, you get an additional 3000.00 wildcard that can be used towards anything. So, 4k total. Its a little goodie for us non home owners.

If you do not own a home or are walking away from your home(so you are not using the homestead exemption), you can use the wildcard for $4000. PLUS $1000. for your vehicle for a total of $5000.

You cannot use the $1000. for anything but the vehicle.

[fltoo]

Wait a second. I'm particularly interested in this part. I will be filing single without my non-debtor spouse and I've been trying to figure out how I can fit all my personal property into the measly $1000 FL exemption. It would be great if I had some more room. Anymore info on whether this would be plausible or not?

Good question to ask a VERY experienced lawyer or google for some case law.

But, if the house is exempted by tenants in the entirety, I doubt if they would let you double dip and use the exemption.

[2Bshinyandnew]

Thanks Beeheery.

Yeah, I know, but I do own a home. But home is joint with my spouse who will not be filing because all the unsecured debt is in my name only. So I was wondering if, according to this quote from fltoo, if there is a way to not have to use my homestead exemption if my non-filing spouse is joint owner?

It just peaked my interest - maybe fltoo could weigh in some more.....

No. Attempts to do this have been shot down in a couple of districts. If you benefit from a homestead property in any way, including as tenants by the entireties, even if you have negative equity in a home, you cannot claim the $4000 exemption.