Florida Exemptions- Wildcard Value

[mymymy]

What is the name of your state? FL

Would someone be so kind as to direct me to a site or somewhere? that I can research the value of Florida's Wildcard exemption?

Every place I've been just states "SEE PERSONAL PROPERTY"

Please don't ask me to ask my attorney..lol.. I don't have one!

Must one claim a specific amount or specific item (eg. tax refund) on schedule C, under the wildcard exemption-(if I ever find out what the value is!??)

All help is appreciated

 

[Ladynred]

Basically, there is NO WILDCARD in FL. You get $1000 in value to exempt personal property, and $1000 in equity to exempt a vehicle.

If you've gotten a tax refund and are trying to exempt it.. good luck. With only $1000 in personal property allowed, the only way you'll exempt a refund of any significant amount is if you have NO personal property -- and even then you could only exempt $1,000.

 

[mymymy]

Thanks, LadyinRed

Problem is, we already spent the return received March 3. We're filing jointly but didn't know we would be filing then. The refund was 2100- with an earned income credit and a child credit. We spent half on a trip to NY for a job interview.. actually an audition that could have ended in a million dollar record deal- found out on April 17 that he didn't get it. While we were gone, the sheriff was knocking on the door. Lawsuit from Providian, I assumed and eventually found to be true. Can you say.. PANIC? I have never been in trouble a day in my life!

I started the paperwork in a panic and had everything.. all schedules, etc.. filed by April 25. The other half paid our 1100 mortgage.. and that was that! We REALLY can't afford to pay that back.. we live in a deficit every month. You'd think I was Bozo the way I juggle money around..LOL. I broke my foot last year and even though my immediate supervisor tried to hold my position, he couldn't.

All of our debt is old debt.. at least 2-3 years old. Most of it is mine. Lots of charged off accounts, old medical. I truly believe that my credit report is keeping me from getting a job. It used to be that I would get any job I wanted.. all of a sudden.. no way. So, maybe I'm wrong.. but, maybe not.

I have to ask you.. I've seen you write on a number of occasions: "One little mistake.. can cost you alot" Do you mean little mistakes like extra statute numbers or wrong dates?? What constitutes a mistake big enough to screw the whole thing up?

TIA!

 

[Ladynred]

Sounds like you really don't have to worry about the refund. You didn't blow it on luxuries, so just make sure you can show receipts and/or explain everything you did spend it on.

Mistakes people make that can get them in trouble is not listing assets, under-estimating their true living expenses, forgetting to list creditors, and a one that causes people trouble - 401K and retirement contributions and paying back 401K loans. Using the wrong statute could be a problem too, but that is one thats easily corrected.