Florida increases exemptions in bankrupcy

[mattson06]

The Florida legislature passed a law increasing the personal property exemption in bankruptcy. Under Florida Statute 222.25 as written Florida debtors can claim a $1,000 exemption for miscellaneous personal property. Most bankruptcy debtors have applied this exemption to furniture, cloths, cash and other personal property. Effective July 1, 2007, the exemption is increased to $4,000 for those debtors not claiming or benefitting from a homestead exemption. Many Florida debtors not exempting a homestead can use the increased general property exemption to protect equity in automobiles not otherwise protected by the $1,000 exemption specifically allowed for automobiles.

People who could benefit from the increased personal property exemption may want to defer bankruptcy filing until the July 1 effective date. The wording of the statute appears to leave open issues for further court interpretation, such as the meaning of benefits of homestead exemption. For instance, I wonder if a debtor with a homestead owned jointly with a non-debtor spouse qualifies for the $4,000 property exemption if he exempts the residence as tenants by entireties property instead of claiming the exemption under homestead protection. As is the case in all new statutes, judicial clarification will ensue.

by Jonathan Alper, asset protection and bankruptcy attorney, Orlando, Florida

[storesstores]

Has anyone used this lawyer or know anything about him?

[bkquestions]

Has anyone used this lawyer or know anything about him?

have you heard anything back about this guy?

[havetodecide]

That's the lawyer that i am using, so far so good, i should get papers back for my review next week, taking almost a month to prepare the papers

[NotFun]

That's the lawyer that i am using, so far so good, i should get papers back for my review next week, taking almost a month to prepare the papers

I spoke with him on the phone, and he didn't seem very friendly.

How indepth was your case? And does it seem like he's fighting for you, or just filing your papers?

[havetodecide]

I haven't filed yet but so far so good. He returns my calls even when he's out of town and paralegal responds to emails promptly...It's taking now more than 30 days to prepare papers and paralegal said there's nothing they can do since they have other clients before me. I only have one asset, a car paid for, that i am planning to keep. I guess you're right, he does not seem very friendly to me either, i hope my case does not get complicated.

[vernors]

Does anyone have any knowledge about this law? We own our home in Florida, but plan on surrendering when we file. Will we get the $4000 or $1000 a piece in exemptions? We would not be claiming the homestead exemption. Thanks.