car exemption

[havetodecide]

Lawyer just got back to me saying that since exemption in FL is $1000.00 and car is worth $5600.00, i will have to buy it back if i want to keep it.

If i decide to buy it back, is the exemption used in this case (whole amount minus 1000.00) or i still pay back (in installments) the whole amount of the car, not using exemption? I am still trying to decide, i need a car since i drive 90 miles everyday to work, i just hope i can afford the buy-back

thanks

[Look@thisGuy]

Lawyer just got back to me saying that since exemption in FL is $1000.00 and car is worth $5600.00, i will have to buy it back if i want to keep it.

If i decide to buy it back, is the exemption used in this case (whole amount minus 1000.00) or i still pay back (in installments) the whole amount of the car, not using exemption? I am still trying to decide, i need a car since i drive 90 miles everyday to work, i just hope i can afford the buy-back

thanks

I think FL IS A STATE you can use federal exemptions

[lrprn]

I think FL IS A STATE you can use federal exemptions

Sorry, LATG - Florida only allows filers to use Florida exemptions.

The states that do allow filers to choose state or federal exemptions are Arkansas, Connecticut, Washington, D.C., Hawaii, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Washington, and Wisconsin - http://www.moranlaw.net/bankruptcy-exemption-states.htm

[JRScott]

The buyback would be 4600 if I'm not mistaken for that car. You should ask your lawyer to be sure. I'm not sure if you can make payments or all at once either, better ask the lawyer