What is the Wildcard Exemption?

If you are not claiming a homestead exemption in your bankruptcy, you are allowed to claim a $4,000.00 “wildcard” exemption. See FL Stat. 222.25 This exemption can be used to protect your personal property or motor vehicles. It is in addition to the $1,000.00 Personal Property Exemption you are entitled to under Florida’s Constitution.  What that means is that a single debtor, not claiming a homestead exemption has $5,000.00 in exemptions available to protect personal property or vehicles. If join debtors are filing together that means they have $10,000.00 in exemptions available to protect their personal property or vehicles.

Use Fair Market Values not Replacement Values for Personal Property valuations in Bankruptcy

It is important to remember that when valuing personal property for bankruptcy purposes, replacement value is not the basis of valuation. The basis of valuation should be fair market value or as I advise my clients what you could sell the specific piece of property for on craigslist or at a yard sale.

Are you considering filing for bankruptcy?

If you are considering filing for bankruptcy, it is important that you speak with a bankruptcy attorney who can help you evaluate your potential homestead exemption and issues that may impact your exemption status in bankruptcy. Every bankruptcy case is different, so what has worked for one debtor may not necessarily work for another. If you are in Miami-Dade County or Broward County, Florida, please feel free to contact us to set up a FREE consultation to discuss your specific situation.

This blog post is made available for educational and informational purposes only and to promote a general understanding of the law, and not to provide specific legal advice. Use of this blog does not create an attorney-client relationship. Reading this post is not a substitute for obtaining legal advice based on the unique facts of your situation from an attorney licensed to practice law in your state. No representation is made regarding the current state of the information contained in this post. Examples that may be provided in this post are merely for illustrative purposes; the results in your case may be different and no results are guaranteed.