Skip to main content

Is there exemptions under bankruptcy in Florida to protect your semi truck that you use for work?

Miami, FL |

I know so far there is $1,000 personal property, $5,000 if no home and wild card. is there anything for equipment for work? I am a truck driver . I have my personal car that I want to put under the payment plan and I have my semi truck that I own outright but I cant afford to let them sell it, that the way I make a living & I couldnt replace it no time soon. I actually was loaned the money by family to buy it. (Private personal loan/cash)

+ Read More

Attorney answers 5

Posted

Florida doesn't have a "tools of trade" exemption like some states. You should speak with a bankruptcy attorney to see if there is a way to protect the truck.

The contents of this answer should be considered friendly advice, not legal advice (I'm a pretty friendly guy), and the answer should not be construed to constitute an attorney-client relationship. If you'd like actual legal advice, call me for a free consultation at 813-635-0222. Also, if you liked this answer as much as my big ego thinks you did, be sure to click the thumbs-up button!

Posted

Unfortunately, there are no exemptions in Florida for tools of trade, or a motor vehicle for work, beyond the $1,000.00 motor vehicle exemption under Florida Statute 222.25(1). If the vehicle is owned by a corporation, or LLC that is controlled by you, the trustee would need to take the stock of the business and may look twice to be sure that there are not any liabilities that would make taking the semi unattractive. However, if it is simply in your name, it is fair game for the trustee.

The response given is general in nature and based upon limited information. It does not and cannot replace that of a proper consultation with a qualified attorney. You should not act upon this Information alone, but should seek legal counsel prior to taking any action.

Posted

No tools of trade exemption in Florida. Please speak with a qualified bankruptcy in your area to see what other exemptions can be used.

The previous information is solely for informational purposes only. If you have further questions, please contact an attorney in your area for more specific answers. Responding to your question in no way creates an attorney/client relationship, and none of the specific guarantees of privacy exist. If you have found this information helpful, kindly check the "helpful" box.

Posted

The short answer is "No." Florida does not have an exemption allocated to work vehicles. It does not matter how much you depend upon a car to work or to get to work. If your family had a lien on your title when they made the loan, that lien would protect the vehicle. Don't try to put the lien on now- it won't work in bankruptcy. But, if you recorded the vehicle lien when they loaned you the money the work vehicle may be protected (depending on value etc).

You should not rely upon this answer as legal advice or a legal opinion, and this answer does not create between us an attorney-client relationship. Please consult your own attorney for legal advice.

Posted

Unfortunately in Florida the exemption amount on a vehicle is $1000. However, if you are eligible to take a wild card exemption [if you do not have a homestead] you may use all of the $4000 that is available to you towards your vehicle. I have done that many times in the Southern District of Florida.

Elias Leonard Dsouza

Elias Leonard Dsouza

Posted

If the truck is so important to you, you may want to consider filing a Chapter 13 bankruptcy and paying the non-exempt amount through a Chapter 13 plan to your creditors over time.