FYI: If the debt is past the statute of limitations
, one thing you can consider doing is appealing the court's erroneous order.
Florida residents may protect up to $1,000 of equity
in an automobile pursuant to Florida Statutes. Florida has one of the lowest automobile allowances in the country. The fact that a debtor need his automobile to go to work does not protect the vehicle from creditors to the extent that the debtor’s equity (value less loan amount) exceeds $1,000.
If you file bankruptcy, then you may claim up to $4,000 of personal property as exempt if you do not use the homestead exemption. (Fl. Stat. 222.25.)
So, if you want to exempt $5,000 worth of equity in a vehicle, you will need to file bankruptcy. Otherwise, they will execute on the van, sell it, and refund you only a $1,000 from the proceeds.
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