If you had a choice

[kvangild]

If you had a choice hypothetically what state would you file bankruptcy in? Obviously, some states are more generous on exemptions.

[Aaaaah!]

Well, as much as I wouldn't want to live in Florida or Texas (no offense, I just don't like the heat that much) I think the fact that there are homestead protections there is pretty appealing. Actually, I don't think it's fair that the allowances and exemptions vary so much. In my home state, the state protections are so meagre that the federal exemptions look generous by comparison.

[Flamingo]

There's a reason why all the celebs move to FL and then file BK....

[LuciluS]

There's a reason why all the celebs move to FL and then file BK....

ROFLOL @ Flamingo. Hubby just said today he hoped we could retire in or near Ft. Lauderdale, FL in a retirement community. I told him to keep a Dreaming as FL is so much more expensive than Arkansas. I'm not so sure I want to 'deal with' hurricanes but we have tornadoes in Ark. It's like our Travel Agent who lives in Hollywood, FL said 'at least they can prepare for a hurricane whereas in AR we may get at the most 30 minutes saying tornado may touch down here. I'm 55 and he is 53.

Arkansas allows the Federal exemptions to be used which are much more favorable for our Bankruptcy. Yes, FL has good homestead exemptions; however, the vehicle exemption of $1,000 to $2,000 is the pits, especially when you own a vehicle outright.

[slam22]

If you do not have any equity to protect then California's method 2 is pretty good. Not counting anything else the total wildcard is just shy of $22k.

[eddiep]

I live in NH and we have generous exemption and the option of using federal (which we are because we have very little equity and because we can exempt the settlement we have coming from a motorcycle accident)

But I had to show you guys some of the rediculious exemptions we get (time to update this list! do they even sell church pews anymore???)

New Hampshire Exemptions
1 cow, 6 sheep & their fleece, 4 tons of hay
1 hog or pig or its meat (if slaughtered)
Church pew
Domestic fowl to $300

[DeadManCrawling]

In the event of society coming to a complete and utter halt, you would be amazed at how many of those exemptions would come in handy.

Every single one would help you and your family survive.

Except the church pew.

Others will likely debate the value of the pew, but it would mean nothing to my family.

The rest of that list is potential survival.

[eddiep]

I agree that these items would help me survive, if I owned any of them. NH is not a big farming state, I don't know anybody who owns a cow or a sheep or a pig. I know one person who had some chickens, (I assume that is fowl), but they moved to california after the bank foreclosed on their home. Not sure where the chickens are now they probably got eaten by the fox I keep seeing by their house.

Why would anybody buy a pew, my parents used to make me go to church and they always let me use the pew for free, is that if you want one in your home?

[DownNotOut]

Arkansas allows the Federal exemptions to be used which are much more favorable for our Bankruptcy. Yes, FL has good homestead exemptions; however, the vehicle exemption of $1,000 to $2,000 is the pits, especially when you own a vehicle outright.

So true, Luci! FL homestead exemptions are FABULOUS! So if you really want to keep your house it is the place to be. BUT, like you said, the vehicle exemption is measly - not to mention everything else! Only $1000 in personal property - that's ALL personal property, including cash. We don't have separate exemptions for jewelry or bank accounts. So yeah, you can keep your house, but it might be empty when your done!