Florida BK Questions

[MrSteve777]

I'm way past due to file and get this behind me. I am in debt about 300K. I have not worked in two years. Went through a divorce, lost a business and remarried in FL. I have a lawsuit judgement from my old state of Cal that I have defaulted on. I have sold everything I can to live and survive. I have very little harrassment from creditors but I know as soon as I get a job I'll be pounced on. I was bought a used pickup by a relative so I could look for work etc. But I'm concerned about being able to keep it. If I file will I have to sell it? I actually owe the money and am supposed to pay it back when I get on my feet. The truck is an 06 and is valued at about 6000 and it is in my name. I don't have any other assets or money.

Steve

[DeadManCrawling]

Did your relative "perfect" the lien? That means, did he/she go to the courthouse and record it within the time period required by law? Can't remember the exact time, but it's usually a week or two.

If not, then you cannot call it a secured debt.

However, Florida allows new exemptions that were not available in previous years.

You should have the following exemptions:

1k personal property
1k vehicle exemption
4k wildcard exemption (if not claiming a homestead exemption)
2k personal property exemption

this is 8k exemptions, more than enough to cover the truck. I may be off on a couple, but even so, you should be okay.

Even if the numbers are close, a trustee would also have the expense of towing the vehicle, storing it before sale, and the sales percentage to auctioneer.

I surmise you will be fine and should have no trouble keeping the vehicle.

Now, as a matter of course, you will be required to list the relative as a creditor, and your debt to them will be wiped out. You could choose not to repay them. I suspect it would be in your interest to pay them and honor this debt, since not doing so could send shockwaves through many decades of family life.

best wishes,

-dmc

[MrSteve777]

Thank You DeadMan And Another Question

Beings I have only been in Florida for 5 months, why don't I go ahead a file in California? They have better exemptions and I would be sure of keeping the vehicle?

Steve

[poorold]

if you've only been in florida for 5 months and you spent the previous 2 years (I think it's 2 years) in CA, you CLAIM CA exemptions and FILE in FL.

My wife and I filed in FL and I claimed GA exemptions and she claimed FL exemptions due to our residency histories.

[OHBOY]

'DeadManCrawling' quoted: "You should have the following exemptions:

1k personal property
1k vehicle exemption
4k wildcard exemption (if not claiming a homestead exemption)
2k personal property exemption"


with all due respect, I am aware of the 4K wildcard exemption (if not claiming a homestead exemption), and I am also aware that there is a 1K vehicle exemption, as well as a 1K exemption for personal property.

What I don't understand is where the 2K personal property exemption comes from that you mentioned ? Since when is that in effect? and what would it cover that would be different from the 'personal property'?

I also was not aware that one would be able to 'bundle' all exemptions, i.e. if one does not have any 'personal property' I was not aware that one would be able to incoporate that, by combining it with the i.e. the 'vehicle exemption'.

[DeadManCrawling]

Apologies, OhBoy, the 2k would be the personal property exemption for a married couple. I did not add that to explain. It would be 1k per person.

Yes, we just filed, and bundled the exemptions. that, is, we spread them across all property. We fully exempted one vehicle worth about 6k, free and clear. It was fine at the 341, and we had one of the toughest trustees in the nation. All went well, and you can read our 341 experience on the CH 7 forum.

best,

-dmc