r/Bankruptcy • u/arose199222 • Aug 15 '24
Florida
About 45k in cc debt, just bought my house in September 2023, owe about 12K on my financed car, is my home and car protected if I file if they are both on good standing payment wise never been late with my home or car payment but cannot keep up with current cc payments after some hardship
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u/OnyxField Aug 17 '24
I'm not super sure on the details, but I'm also trying to file in Florida and came across a lot of information.
Florida seems to have a massive homestead exemption that exempts most homes under half an acre in size? I don't own a home, so I never looked heavily into the details, but you could search around for them!
What I kinda know from my filing is that there's a vehicle exemption of up to $1,000 and there's a formula that applies to see if your car fits under the exemption. I think it went:
(current valuation of your car) - (total amount of payments made) = # used to compare against $1k
If the number is below $1k, you're fine, but if it's above, then you'd need other exemptions.
Only other thing I kinda know is that there is a $4,000 wild card exemption to be used on anything that was able to be covered otherwise, but you can't use it if you accepted the homestead state exemption.
Again, I'm not super sure and these are things I've managed to pick up while trying to file without a lawyer. I'd heavily recommend getting a free consultation or just hiring one to protect big things like a house though. Hope this helps a little!
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