Lost property can be one of the worst aspects of a chapter 7 bankruptcy. If you have a lot of unsecured debt that you’d like to wipe out but you would not like to give up your property in exchange, it’s important to consider some of the exemptions that are available to you under Chapter 7 bankruptcy. In the state of Florida, we have what’s called a wild-card exemption.
Wild-card Exemption Explained
Florida has created a list of assets that trustees will not be able to seize in any type of chapter 7 bankruptcy proceeding. You can exempt up to $1000 value in your family vehicle for example. Wild-card exemptions are different from the typical asset exemptions that are included in Chapter 7 bankruptcy law throughout the state. Wild-card exemption can be used to protect more than the value of certain aspects of the property. If you have a newer vehicle that’s worth more than $1000, you could use your wild-card to exempt that extra value for example.
Wild-card Exemption Caps
A wild-card exemption is limited to $4000 if you do not claim any homestead exemption. Many people have more than $4000 inequities throughout their home and a homestead exemption can be an excellent way to keep hold of more assets if you own property in Florida. If you don’t own real estate that you can exempt, having a bit of extra in wildcard assets can put you in a better position financially after your chapter 7 bankruptcy.
Proper Evaluation Advice is Important
When you are considering the option of filing for Chapter 7 bankruptcy, make sure that you’re getting a proper evaluation of all of your assets and consider speaking to a bankruptcy attorney to determine the best way that you could protect your assets moving forward.
Contact us if you have further questions about wildcard exemptions in the state of Florida
This post was written by Trey Wright, one of the best local bankruptcy attorneys in Tallahassee, Florida. 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.
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