Chapter 7 bankruptcy can make it difficult to get your property back. It’s important that you consider the exemptions available under Chapter 7 bankruptcy if you have a lot of unsecured debt you want to eliminate but don’t want to give up your property. Florida has what is known as a wild-card exclusion.
Wild-card Exemption Explained
Florida has established a list that trustees cannot seize in any chapter 7 bankruptcy proceeding. For example, you can exempt up to $1000 from your family vehicle. The wild-card exemptions are not the same as the asset exemptions included in Chapter 7 bankruptcy law across the state. The wild-card exemption can protect more than just the value of some aspects of the property. You could use your wild card to exempt a vehicle worth more than $1000 if it is a newer model.
Wild-card Exemption Caps
Wild-card exemptions are limited to $4000 if you don’t claim any homestead exemption. A homestead exemption is a great way to preserve more assets, especially if you have a property in Florida. Many people have more inequities than $4000. Even if you don’t have real estate you can be exempt from bankruptcy, having some extra wildcard assets can help you get out of debt faster.
It Is Important To Get The Right Advice For Evaluation
If you’re considering filing Chapter 7 bankruptcy, ensure that you do a thorough evaluation of all your assets. Also, consult a bankruptcy attorney to help you determine how to best protect your assets.
If you have any questions regarding wildcard exemptions in Florida, please contact us
This post was written by Trey Wright, one of the best bankruptcy lawyers in Tallahassee! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation. Click here to learn more!
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