I am looking for some information on Florida exemptions. My wife and I are filing jointly Ch. 7 in Florida. I question the information that was given to us yesterday at our attorney's office.
As I have seen it, we would get (each) -
$1000 in a vehicle
$1000 other property if we take the unlimited homestead exemption
$4000 other property if we don't take the home exemption.
The paralegal told us that since we own our home, we would be looking at the $1000/person instead of $4000. We are not upside down in the house, but the mortgage is 190k and the value is approx 200k. Our real estate friend told us that it is very unlikely that a sale with expenses would cover the mortgage amount in our market. So, our plan was to include the house/mortgage in the bankruptcy and let it go. We must move to be closer to my job anyway. But, she told us that since we would own the house at the filing date, that we would only be entitled to the $1000 in personal property each. Does this sound correct?
We were told to wait 3 months before filing, which would give us a limited time to sell, but we can't really do that. We are over the median income in the last 6 months and it is our large secured house payment that allows us to pass the means test.
Any advice is appreciated.
As I have seen it, we would get (each) -
$1000 in a vehicle
$1000 other property if we take the unlimited homestead exemption
$4000 other property if we don't take the home exemption.
The paralegal told us that since we own our home, we would be looking at the $1000/person instead of $4000. We are not upside down in the house, but the mortgage is 190k and the value is approx 200k. Our real estate friend told us that it is very unlikely that a sale with expenses would cover the mortgage amount in our market. So, our plan was to include the house/mortgage in the bankruptcy and let it go. We must move to be closer to my job anyway. But, she told us that since we would own the house at the filing date, that we would only be entitled to the $1000 in personal property each. Does this sound correct?
We were told to wait 3 months before filing, which would give us a limited time to sell, but we can't really do that. We are over the median income in the last 6 months and it is our large secured house payment that allows us to pass the means test.
Any advice is appreciated.
Comment