1) What is the current market value of your car? What is the balance - if any - of the car loan?
2) Does your business have a market value? (Could it realistically be sold and operated without you?) If so, what is the market value of your business?
1) I outright own the car...there's no note on it. Market value? Not sure...maybe $25K?
2) My business does not have any market value....it's a marketing/writing/editing services business, so the only value is my own capabilities and expertise.
I think this is what you wanted to know. If not, please let me know.Thank you!Given the information you provided, if you filed a Bankruptcy, you would be able to keep your home, as long as it is on less than 1/2 acre if in a municipality, and on less than 160 acres if not in a municipality. This is regardless of any equity you may have in the home.
However, you would have to give up your car, as you are allowed to keep a car worth up to $1,000.
Additionally, you would be allowed to keep only $1,000 of any other assets, including bank accounts and/or investment accounts.
Here is the complete list of Bankruptcy exemptions available to residents of Florida:
However, in addition to the exemptions on the above link, there is a recently enacted one that does not yet appear at that link, which is that you can now exempt an additional $4,000 of any property if you will not be using the homestead exemption - which would be the case if the balance on your home mortgage is greater than the market value of your home (so that there is no equity to protect with the homestead exemption.
I think this is what you wanted to know. If not, please let me know.
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