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  1. #1
    Join Date
    Apr 2012
    Posts
    11

    Default What is the Total Dollar Amount of Exemptions Allowed in Bankruptcy

    My question involves bankruptcy in the state of: Florida

    Trying to save the car and the $2,000 treadmill bought 7 months ago. The car value is 4,000 if sold private party- BUT the BK Lawyer is using a trade-in value of $3,000. I can drop the value of the treadmill for resale to $1500 probably and add an older computer worth $300. However, I'm still scared about my total exemptions amount and the value accepted for the car! Help. Thank you.

  2. #2
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: What is the Total Dollar Amount of Exemptions Allowed in Bankruptcy

    The car value is protectable up to $1000 on Florida law. Are you claiming a homestead exemption? If not, you get $4000 exemption for your personal goods (treadmill and computer), otherwise you get $1000.

  3. #3
    Join Date
    Apr 2012
    Posts
    11

    Default Re: What is the Total Dollar Amount of Exemptions Allowed in Bankruptcy

    Lawyer says I have $6,000 in exemptions. I was just trying to confirm whether it was $5,000 or 6k. The wild card is 4k for any property. 1k for automobile. So,the car is exempt. But I think the BK lawyer said there were "3 things." I think another 1k for personal property also.

    Is it $6,000? because I forgot to write it down. I can't find out till Monday- unless someone knows what I'm talking about.
    Also, my other concern was about the value of the car. Why do I read that the "private party" KBB is used sometimes- yet my Lawyer is giving a lower price and not "private party" price.
    Does anyone know what is accepted? is it always "private party"?
    Thank you.

  4. #4
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: What is the Total Dollar Amount of Exemptions Allowed in Bankruptcy

    Is it $6,000? because I forgot to write it down.
    It's $5000. $1000 for the car. $4000 for personal property if you don't have the homestead.

    Also, my other concern was about the value of the car. Why do I read that the "private party" KBB is used sometimes- yet my Lawyer is giving a lower price and not "private party" price.
    Car values can be all over the map.

    There are 3 car price guides: KBB, Edmunds, and NADA. If you go to their websites and you plug in your car's details and condition you'll come up with three different price ranges. You can also look at Craigslist and Auto Trader (both online) to find cars for sale similar to yours, keeping in mind that asking prices are often 10% to 15% above selling prices. If you want a really low ball estimate of what your car is worth, take it to a used car dealer and ask him what he will give you for it.

    For the treadmill, you can also check Craigslist and see what comparable used models are going for.

  5. #5
    Join Date
    Apr 2012
    Posts
    11

    Default Re: What is the Total Dollar Amount of Exemptions Allowed in Bankruptcy

    Automobiles


    Motor vehicle to $1,000

    Other Property


    Any personal property to $1,000 (husband & wife may double)
    $4,000 of any personal property in lieu of homestead exemption.

    Got that from a Florida state bk law site.

    I'm pretty sure that my lawyer said $6,000.

    I will look into the treadmill info you gave.

    I'm almost certain the lawyer said $6,000 (as in those 3 examples above)

    Thank you for your reply.

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