Q: What state offers offers better asset protection for personal vehicles under Chapter 7 bankruptcy law - FLorida or NC?
I'm filing for bankruptcy due to excessive credit card. Does it makes better sense to file here in Florida where I'm currently staying to help an elderly relative or my primary state of residency, North Carolina. Specifically, which state offers better asset protection for personal vehicles under Chapter 7 bankruptcy law?
A:
The bankruptcy laws in Florida and North Carolina both provide certain exemptions for personal property, including vehicles, which can protect them from being sold to pay off creditors. However, the specific rules and exemptions may vary depending on the state.
In Florida, personal vehicles are exempt up to a certain value, with the amount varying depending on the debtor's circumstances. In addition, Florida has a "wildcard" exemption that can be used to protect additional personal property, including a vehicle, up to a certain amount.
In North Carolina, the exemption for vehicles is also based on value, with certain exemptions available depending on the type of vehicle. There is also a wildcard exemption in North Carolina that can be used to protect additional property, including a vehicle.
Without knowing the specific details of your situation, it's difficult to say which state would provide better asset protection for your personal vehicle. However, it's worth noting that bankruptcy law can be complex, and the specific rules and exemptions may depend on a variety of factors.
If you're considering filing for Chapter 7 bankruptcy, it's a good idea to consult with a bankruptcy attorney who can advise you on the best course of action based on your specific circumstances. They can also help you understand the exemption rules in your state, and help you make informed decisions about how to protect your assets.
Timothy Denison agrees with this answer
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