Can you lose Homestead wildcard exemption by moving?

[helpmeout]

Nope, nothing about the Federal Homestead exemption there.

You are correct that one can not use the Federal exemption set in FL - but you can use the Supplemental Federal Exemptions in FL if you need to protect any of the assets that they cover.

Uh, no you can't. Did you miss reading this part of your link:

If you live in a state where you may substitute the federal exemptions

If you click on the link, it lists the states that you can do this in. Florida isn't listed. In other words, you can't use any type of federal exemptions in Florida, supplemental or otherwise. Either way, the Federal Homestead exemption or the wildcard from not using it can't be used either way. As was implied by a poster.

[justbroke]

I don't know why there is confusion on Florida. In Florida, you do get to use the supplemental federal exemptions. ALL states get the supplemental exemptions. This is enumerated in 11 USC 522 quite clearly. It's only those exemptions in 11 USC 522(d) from which States may "opt out".

The so-called "supplemental exemptions" (those not in 11 USC 522(d)) are to cover certain benefit/retirement plans and some other special cases.

[tobee43]

I don't know why there is confusion on Florida. In Florida, you do get to use the supplemental federal exemptions. ALL states get the supplemental exemptions. This is enumerated in 11 USC 522 quite clearly. It's only those exemptions in 11 USC 522(d) from which States may "opt out".

The so-called "supplemental exemptions" (those not in 11 USC 522(d)) are to cover certain benefit/retirement plans and some other special cases.

thanks jb for the clarification!

[tobee43]

@helpmeout

Perhaps tobee43 is referring to the Supplemental Federal Exemptions in her post? They are used in conjunction WITH state exemptions and protect such things as retirement benefits, survivor's benefits, etc.

http://www.bankruptcyinformation.com/exempt-supp.htm

thank you, yes, correct. i should have just said that.

[tobee43]

We've had this argument before. You are just as wrong now as you were then.

You can ONLY use Federal Exemptions in states that ALLOW IT. NJ does, Florida does not. Many of the state exemptions may be similar or the same as the Federal Exemptions, but they are still considered the state's exemptions.

You cannot intermingle the two. If the state exemptions does not have a homestead exemption and does not allow the use of Federal exemptions (to be clear, it is either/or not both like you are implying), then there is no homestead exemption. Period. If the state that does not allow the choice of using federal exemptions and does not allow the conversion of any unused homestead exemptions to a wildcard, then you don't get to use the federal homestead exemption as a wildcard. Like you implied.

Links have been posted, especially in regards to Florida, that prove that one cannot use the federal exemptions in states that do not allow it.

As I stated before, and got from the Federal Exemptions list, up to $10,825 of the unused Federal Homestead exemption can be used as a wildcard. But ONLY if you are using Federal Exemptions and ONLY in states that allow the choice. If you go with the State's Exemptions in state's that allow the choice, you forfeit the ability to convert the unused $10,825 portion of the homestead exemption to a wildcard.

And $10,825 is still higher than $4K.

well helpme, and i know your are in jersey. it's not so much to be right or wrong for ME...it's that we were able to resolve our situation easier in florida than opting for filing nj or federally while a resident of nj.

i didn't intermingle the two as i attempted to explain, but as noted debee did perfectly. sorry i wasn't able to articulate is as well!

[ValleYum]

Uh, no you can't. Did you miss reading this part of your link:

If you live in a state where you may substitute the federal exemptions

If you click on the link, it lists the states that you can do this in. Florida isn't listed. In other words, you can't use any type of federal exemptions in Florida, supplemental or otherwise. Either way, the Federal Homestead exemption or the wildcard from not using it can't be used either way. As was implied by a poster.

You can only use the Supplemental Federal exemptions when you can not or do not use the Federal exemption set. So as JB noted above, you do get to use the Federal Supplemental exemptions in Florida.

I learned about these from our attorney when hubby and I were debating using Washington's exemption set because then we would have had to use the Federal supplemental exemptions to cover hubby's railroad retirement benefits.