Florida chapter 7 expemptions?

[gogetter76]

Hello,

Is it 6000 per person?

Thanks

[justbroke]

Well, let's be specific.

I believe you're talking about the so-called Wildcard Exemption. Here's what you get and don't get!

• Under the Florida Constitution Article X Section 4, you get a $1,000 wildcard exemption to cover any property. This can be doubled by joint filers.
• Under Florida Statute 222.25(4) you get an additional wildcard of $4,000 if you don't claim or receive the benefit of the Homestead exemption. This may be doubled by joint filers. Please note, that caselaw in Florida suggests that merely keeping your homestead property, whether or not you have equity and actually "use" the unlimited homestead exemption, you can't use this as your wildcard!

So if you're married and filing together, you get a $10,000 wildcard if you don't have a primary residence (homestead) that you're reaffirming (or keeping). The amount is $5,000 if you're single or married filing singly.

If you're married and filing together, you get only the $2,000 wildcard if you keep your primary residence and/or claim the homestead exemption. This amount is only $1,000 if you're single or married filing singly.

[drowningNdebt]

I lived in NJ (24 years) then moved to FL. I was living in FL for 7 months and was told that was my residence since it was past the 6 months and had a FL DL. However, my total exemptions were almost 12,000! No, I'm not a home owner either. Not sure if they used FL or NJ but I'm happy

[aljohnson007]

Pls be more specific on your filing status, homestead exemptions, assets, etc.

[justbroke]

I lived in NJ (24 years) then moved to FL. I was living in FL for 7 months and was told that was my residence since it was past the 6 months and had a FL DL. However, my total exemptions were almost 12,000! No, I'm not a home owner either. Not sure if they used FL or NJ but I'm happy

Let's be very specific and for Florida.

• You get $1,000 for any property (Florida Constitution Article X Sec. 4)
• You get $1,000 for a motor vehicle (Florida 222.25(1))
• You get $4,000 if you do not receive the benefit of the unlimited homestaed exemption (Florida 222.25(4))

If you're single (or married filing singly), that's $5,000 for "any" property, and $1,000 for motor vehicles. (This is not the same as saying you have $6,000 in wildcard exemptions, as the wildcard is only $5,000.) This is if you don't have a home and/or surrender it.

If you're married, that's $10,000 for "any" property, and $2,000 for a motor vehicles. (This is not the same as saying you have $12,000 in wildcard exemptions, as the wildcard is only $10,000.) This is if you don't have a home and/or surrender it.

Otherwise, with a homestead, you get $1,000 for a car and $1,000 for any property. If you file married and jointly, that's $2,000 for cars and $2,000 for any property.

[signal]

Well, let's be specific.

I believe you're talking about the so-called Wildcard Exemption. Here's what you get and don't get!

• Under the Florida Constitution Article X Section 4, you get a $1,000 wildcard exemption to cover any property. This can be doubled by joint filers.
• Under Florida Statute 222.25(4) you get an additional wildcard of $4,000 if you don't claim or receive the benefit of the Homestead exemption. This may be doubled by joint filers. Please note, that caselaw in Florida suggests that merely keeping your homestead property, whether or not you have equity and actually "use" the unlimited homestead exemption, you can't use this as your wildcard!

So if you're married and filing together, you get a $10,000 wildcard if you don't have a primary residence (homestead) that you're reaffirming (or keeping). The amount is $5,000 if you're single or married filing singly.

If you're married and filing together, you get only the $2,000 wildcard if you keep your primary residence and/or claim the homestead exemption. This amount is only $1,000 if you're single or married filing singly.

What if you want to BK the house, so you take $5k exemption each. Then the bank strikes a refi deal with you where they lower your $350k loan to say market value of $250k. Is that a problem?

My situation is I don't want my severely updside down house. However, I do like my house and if the bank made a deal with me, I would consider it.

[justbroke]

What if you want to BK the house, so you take $5k exemption each. Then the bank strikes a refi deal with you where they lower your $350k loan to say market value of $250k. Is that a problem?

Nope, not a problem! It's all about intent. So long as you stated your were surrendering on Statement of Intentions, you can take the entire $4K "unused" homestead exemption. Add the $1K wildcard (for any property), and you get $5K for each debtor.

[HHM]

I lived in NJ (24 years) then moved to FL. I was living in FL for 7 months and was told that was my residence since it was past the 6 months and had a FL DL. However, my total exemptions were almost 12,000! No, I'm not a home owner either. Not sure if they used FL or NJ but I'm happy

Actually, that doesn't sound right. For "venue" purposes, FL would be where you would file your BK, but if you had only been in FL for 7 months, you would actually use NJ Exemptions. The timeline for the exemptions is 730 days (not the 180 day rule). Thus, if you hadn't lived in FL for 730 days before filing BK, the BK court would look to your previous place of residence (NJ), if you have lived in NJ for at least 730 days, then that is the exemptions you would use, not FL.