Selling small items...bad idea?

[tobee43]

Thank you sooo much for your help! I just went through my pp and overestimated their worth (on a cheat sheet) just to see where we are and I think we will be fine. I hope.

i know you will jlynn...and we are here for you!!! so don't worry!!

[jlynn275]

Thank you sooo much for your help! I just went through my pp and overestimated their worth (on a cheat sheet) just to see where we are and I think we will be fine. I hope.

[tobee43]

Co-signing Tobee's post. Knowledge is power and no where is that more important than the Florida districts, lol.

Girl friend you got that right!!! and we are living it!

[SunshineGal]

no....sorry...we aren't letting you do that...LOL!!!

seriously...it might take you some time to learn all of this..and you theoretically shouldn't have to, because that's why we hire atty's we trust.

however, the atty does this everyday...and you do not. you ARE YOUR OWN best advocate...it's just best for you to understand what's going on.

Co-signing Tobee's post. Knowledge is power and no where is that more important than the Florida districts, lol.

[tobee43]

OK. I understood when we bought the house and I knew we were homestead exemp...but I have since forgotten what exactly that means. We bought in 2007, so you can imagine we are not only drowning, but we are $70,000 feet deep under water. I don't want to keep my house, but I do want to stay as long as possible to save money. I guess this is where I need to seek the advise of my atty. But first I need to get my pp list square so I know if it even matters.

ok now your getting somewhere....making a decision about the house is a big one...really we left ours after 33 years...

you will NOT be able to take the exemption on the house...and i would then list the house on the petition as surrender...that way believe me...you'll have time to save up since you know down here they are not throwing people out very quickly!!!

you're on your way...you just need to be open and honest and it will all work out.

[jlynn275]

Basically, in the state of Florida you have an unlimited homestead exemption, well, within reason anyway. Let's say you have a $750,000 beach front property owned free and clear. IF it's your homestead, the unsecured creditors can't touch it. This applies both in bk and with judgment creditors...they cannot force you to sell your home.

There is another type of homestead through the property appraisers office. Basically, if you file that exemption, your taxes will only increase 3% per year. Everyone should have the their primary residence claimed as homestead for tax purposes.

Now, these are two different animals. By not claiming the exemption in the bk you run the risk of the trustee selling it. If you have equity...it's a huge gamble. If your like most of us in FL and owe more than its worth, chances are the trustee won't want it.

OK. I understood when we bought the house and I knew we were homestead exemp...but I have since forgotten what exactly that means. We bought in 2007, so you can imagine we are not only drowning, but we are $70,000 feet deep under water. I don't want to keep my house, but I do want to stay as long as possible to save money. I guess this is where I need to seek the advise of my atty. But first I need to get my pp list square so I know if it even matters.

[jlynn275]

Can someone tells me what happens if you are over the pp allowance? If they take it, I can live with that. If it makes a 7 not happen...I can't live with that.

The trustee will negoitate with you to buy out any excess equity you may have in personal property. If, you don't want to do that then, you surrender the property.
You'll get a discharge unless you fail to comply with the trustees orders and don't surrender the property.
Just relax-you're on your way and don't let your lawyer skate on the details. They're working for you. If you don't understand something tell them so and don't leave the office or hangup the phone until you do understand.[/QUOTE]

Thanks for that. I feel like such a pain because I am so anal and my husband is so....trusting? He's just like "it'll work out" and I'm like "yeah, because I do all the leg work to make sure we do it right" and he's all "well you stress about things you don't need to stress about". blah blah. LOL

[tobee43]

this is the first I've heard of being an asset or no asset case?? I'm starting to wonder if it's better to go through only knowing the bare minimum....save myself the stress!

no....sorry...we aren't letting you do that...LOL!!!

seriously...it might take you some time to learn all of this..and you theoretically shouldn't have to, because that's why we hire atty's we trust.

however, the atty does this everyday...and you do not. you ARE YOUR OWN best advocate...it's just best for you to understand what's going on.

[SunshineGal]

Basically, in the state of Florida you have an unlimited homestead exemption, well, within reason anyway. Let's say you have a $750,000 beach front property owned free and clear. IF it's your homestead, the unsecured creditors can't touch it. This applies both in bk and with judgment creditors...they cannot force you to sell your home.

There is another type of homestead through the property appraisers office. Basically, if you file that exemption, your taxes will only increase 3% per year. Everyone should have the their primary residence claimed as homestead for tax purposes.

Now, these are two different animals. By not claiming the exemption in the bk you run the risk of the trustee selling it. If you have equity...it's a huge gamble. If your like most of us in FL and owe more than its worth, chances are the trustee won't want it.

[keepmine]

Can someone tells me what happens if you are over the pp allowance? If they take it, I can live with that. If it makes a 7 not happen...I can't live with that.[/QUOTE]

The trustee will negoitate with you to buy out any excess equity you may have in personal property. If, you don't want to do that then, you surrender the property.
You'll get a discharge unless you fail to comply with the trustees orders and don't surrender the property.
Just relax-you're on your way and don't let your lawyer skate on the details. They're working for you. If you don't understand something tell them so and don't leave the office or hangup the phone until you do understand.

[jlynn275]

FYI - If you claim a homestead exemption on the schedules you CAN NOT take the wild card exemption.

I've been in my house for almost 4 years and I still do not even understand what homestead exemption is. And I especially don't understand how it applies to BK. LOL

[jlynn275]

this is the first I've heard of being an asset or no asset case?? I'm starting to wonder if it's better to go through only knowing the bare minimum....save myself the stress!

[SunshineGal]

FYI - If you claim a homestead exemption on the schedules you CAN NOT take the wild card exemption.

[tobee43]

Sorry for being such a dodo, I'm still unclear about certain things and trying to learn as I go I appreciate all the feedback!

When you say "surrender" do you mean if we say we intend to NOT keep our house or does surrender just mean not to reaffirm? We are going to "intend" to keep and pay if we can, but more than likely we will let the foreclosure process begin.

so we can say "take the TV or the couch or the hutch...." if one of those items values too high and get ourselves under the allowance? The only non-living things I care about are my wedding rings. And of course photos.

yes...BK lingo can sometimes be confusing...

we were meaning or speaking of, if you are planning on surrendering your house...and if you are NOT...make sure you do not re affirm it. (that's for your future)...just continue to pay...as it stands now you most likely ....like everyone else have little or no equity in the house and you are most likely homesteaded in fl....so that's not a problem.

the trustee will decide whether they feel you are an asset case or not....however, your atty should make it very clear as to your chances of going no asset and what dangers are you at in as much as being an asset case and what needs to be done...etc. you just want to make certain your eyes are wide open while you go through the process...that way you have no surprises to cause added stress...

i'm sure you'll be fine...it's confusing and stressful and an highly charged emotional roller coaster...but you'll do it..just fine!

[SunshineGal]

No worries...it's very confusing! BTW, I'm learning as I go. I'm not an attorney and can only offer what I've learned.

With that being said. If you do not plan on keeping your home and are not re-affirming the mortgage, than you *should* be able to take the super exemption. This gets tricky because it varies by district. Worst case, if the trustee wanted your belongings, you would be able to ammend your exemptions to keep the items you want so your wedding rings should be safe and nobody is going to want your photo album unless it's full of rare old pictures of historical importance, lol.