Florida exemptions (Personal Property = Wildcard?)

[debtprison]

Hello, for the Florida exemptions can the $1000 personal property and $4,000 additional exemption for not taking a homestead exemption effectively be used as a wildcard? For instance if I have a sole proprietorship and need to exempt about $1,000 in "Tools of the Trade" can I use these for that since FL has no "Tools of the Trade" exemption?

[debtprison]

NM.... In researching more it seems that it is indeed basically a wildcard.

[Beeheery]

Debt,

Filers w/o a home get 5K in wildcard exemption? Is this on top of things are are already exempt like household goods (beds/appliances etc)? If I wait a while to file and saved up 5K in cash, could that be exempt as well? It would be nice to save up and have a nice cushion after filing. Thanks!

[debtprison]

Debt,

Filers w/o a home get 5K in wildcard exemption? Is this on top of things are are already exempt like household goods (beds/appliances etc)? If I wait a while to file and saved up 5K in cash, could that be exempt as well? It would be nice to save up and have a nice cushion after filing. Thanks!

Hello perhaps see these links:

http://www.flmb.uscourts.gov/bankruptcybasics/default.htm

http://www.bkforum.com/showthread.php?t=31242

http://www.bankruptcyandforeclosureattorney.com/2010/07/the_florida_homestead_exemptio.html

http://jbublick.blogspot.com/2008/01/middle-district-rules-on-use-of-new.html

[Beeheery]

Thanks Debt.

[justbroke]

Hello, for the Florida exemptions can the $1000 personal property and $4,000 additional exemption for not taking a homestead exemption effectively be used as a wildcard? For instance if I have a sole proprietorship and need to exempt about $1,000 in "Tools of the Trade" can I use these for that since FL has no "Tools of the Trade" exemption?

Here's the answer you want.

If you have no homestead and do not receive the benefit of the homestead you get the $4,000 statutory exemption (FS 222.25(4)) as well as the Constitutional exemption under Title X Sec 4. Beware, that if you have a home (primary residence) and are keeping it, even if there is no equity, you are said to receive the benefit of the homestead and you can not claim the $4,000.

The total $5,000 is a wildcard. You can use this for Tools, or any other "personal" property. This wildcard is also doubled if you are married and filing together.

Is this on top of things are are already exempt like household goods (beds/appliances etc)?

There is no personal property exemption for household goods, appliance, etc in Florida. There is only the $1,000 wildcard. The other wildcard comes from the unused homestead exemption and represents the $4,000 that we spoke of in this thread. All personal property must fit within either the $1,000 wildcard exemption or the $5,000 property exemption if you don't have a home (or are surrendering the home in the Bankruptcy). Please know that there is a separate $1,000 exemption for a motor vehicle.

[sophia]

I filed in Fl. Middle and my attorney went by this.

Originally Posted by 2Bshinyandnew
Its $4000 statutory personal property exemption +$1000 Fl. constitition personal property exemption +$1000 automobile exemption = $6000 total.

All doubled if filed jointly with spouse.

http://www.bankruptcyorlando.com/200...reting-fl.html

We filed in April and rent a home so no homestead.Our attorney goes by exactly what you have posted.

http://www.bkforum.com/showthread.php?t=38640

[justbroke]

Just be aware that it's not a $6,000 wildcard. The $1,000 is only for an automobile.