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Notating Bankruptcy Exemptions
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Thanks JB and Flash for the replies :-) I feel like it's "Finals Week" in a sense, as I have to submit all the paperwork in a short deadline.
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Originally posted by TurnThePage View PostWas wondering if anyone could list examples of Bankruptcy Exemptions on the Petition, and the applicable law that supports it. I'm basically looking for a general, blueprint format with state and / or federal exemptions.
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It's simple... you list the Statute or (State) Constitutional authority that grants the exemption. Property is listed on Schedule A or B and then exempted on Schedule C.
For example, Florida has a Constitutional unlimited homestead exemption under Fla. Const. Article X Sec. 4. If I'm exempting my home, I write "Fla. Const. Article X Sec 4." in the box "specific laws that allow exemptions." If you so chose, you could write it all out... "Florida Constitution Article X Section 4."
For example, Florida's vehicle exemption is in F.S. 222.25(1) so I'd literally write "F.S. 222.25(1)" in the box "specific laws that allow exemptions." If I had not used the unlimited homestead exemption, it became the unused homestead exemption wildcard, had a $2,000 vehicle, and had some leftover from that so-called wildcard then I'd put two things in that box: "F.S. 222.25(1), F.S. 222.25(4)."
Not all States allow the federal exemption scheme, and I don't think there is one that lets you combine them. There are some federal exemptions that always can be applied regardless of the exemption scheme chosen.
I don't like to give real examples because "how" to use exemptions amount to a.) a legal question, and b.) if you get it wrong you could lose property. I don't want you to lose property.
If you are trying to file Pro Se, then you should have a guidebook such as the one from NoLo which will explain how to complete the forms.
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Notating Bankruptcy Exemptions
Was wondering if anyone could list examples of Bankruptcy Exemptions on the Petition, and the applicable law that supports it. I'm basically looking for a general, blueprint format with state and / or federal exemptions.Tags: None
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