As of July 1, 2024, the motor vehicle exemption amount in Florida bankruptcy cases was raised from $1,000.00 to $5,000.00. This is thanks to SB158 which was signed into law by Governor Ron DeSantis on April 26, 2024.
What does this mean for the average individual or couple considering filing for bankruptcy? This change in the law will provide much needed relief to those who own a paid off vehicle or have a financed vehicle with equity by protecting much more of the value of the vehicle as opposed to the previous exemption amount. This can lead to many filers being able to keep their vehicle, which is becoming an increasing necessity, especially here in South Florida for daily living and commuting to and from work.
For more information on how this change in the law can affect your particular case, please contact the Law Offices of Alberto H. Hernandez, P.A. at 305-820-0334 for a free consultation with attorney Alberto H. Hernandez, Esq to review your case details.
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