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Florida has one of the most generous homestead exemptions in the entire country. If you have equity in your home (your home is worth more than you owe on it) the homestead exemption can allow you to keep the home if you file for Chapter 7 bankruptcy, and may come into play under Chapter 13 bankruptcy as well.
Florida Personal Property Exemptions. The following categories of personal property (anything other than real estate) are exempt: Personal property up to $1,000. Personal property can include items like furniture, art, and electronics, and $4,000 if the homestead exemption isn't used (see the wildcard exemption below).
Schedule D: Secured Debts Official Form 106D, called Schedule D: Creditors Who Hold Claims Secured By Property (individuals), is for secured debts. It lists debt secured by an interest in either real property (like a house) or personal property. The most common types of secured debts are car loans and home mortgages.
Wild Card Exemption This exemption is known as the ?bankruptcy wildcard exemption,? as filers have the discretion to choose the property that they want to exempt. So, Florida law allows you to claim up to $4,000 of your other personal property as exempt, provided you didn't use the homestead exemption.
The bill increases the maximum value of a motor vehicle that may be exempted from legal process in a bankruptcy case from $1,000 to $5,000. The bill does not appear to have a fiscal impact on state or local governments. The bill provides an effective date of July 1, 2022.
Wild Card Exemption This exemption is known as the ?bankruptcy wildcard exemption,? as filers have the discretion to choose the property that they want to exempt. So, Florida law allows you to claim up to $4,000 of your other personal property as exempt, provided you didn't use the homestead exemption.
Here's the information you'll need to provide: Exemption system you're using. ... Description of property. ... Schedule A/B line number. ... Current value of the portion you own. ... Amount of exemption you claim. ... Specific laws that allow the exemption. ... Claiming a homestead exemption more than $189,050.