Florida 7 and Add'l exemptions in Sec 222.25 HELP

[FloridaFiler]

[jadams]

I would presume your attorney knows better than I do, but I read that statute to say that as long as you aren't using the benefits of the homestead exemption you can use the wildcard.

I can't see why you would be using the homestead exemption if you are $40,000 underwater. But did you read the section of the constitution that explains the homestead exemption? Maybe your attorney is using it for some other benefit/purpose than equity in your house?

[FloridaFiler]

That's my take, but then again I'm not an Atty.

Even while I was interviewing Attys. over the past several months, none of them even mentioned Section 222.25. I know Florida offers a huge homestead exemption but for most people in today's real estate market it is useless. And $2K off set against personal, nonexempt property really is nothing. I know I've got to pay the Piper but this....

Anyway, I really appreciate the input jadams. Thanks!

[2Bshinyandnew]

The way I understand it, as your attorney explained; on your petition's Statement of Intentions you must state you intend to abandon your homestead property in order to claim Florida's "wildcard". Filers who attempted to keep their homestead and claim the wildcard by arguing they were underwater and therefore received no benefits had their claims denied. the reason? Even if you are underwater any future future value realized in the property receives homestead protection. Here are some links to some court opinions in Florida's Southern District:

http://www.flsb.uscourts.gov/opinions/RAM/pdf/07-16379HERNANDEZ.pdf

http://www.flsb.uscourts.gov/opinions/JKO/pdf/08-16859OLIVER.pdf

[FloridaFiler]

Thank you for the explanation..

Florida Filer