Curated News
By: NewsRamp Editorial Staff
April 26, 2024

Florida Governor Signs Bill Increasing Motor Vehicle Exemption in Bankruptcy

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Source Press Release

TLDR

  • The new law in Florida raises the motor vehicle exemption in bankruptcy from $1,000 to $5,000, giving individuals a significant advantage in keeping their cars.
  • The law, sponsored by Rep. Christopher Benjamin and Rep. Michael Gottlieb, increases the value of motor vehicles owned by individuals in bankruptcy from $1,000 to $5,000.
  • The new law will make a positive impact by providing much-needed assistance to individuals in dire financial circumstances, helping them keep their transportation and work towards financial security.
  • The previous $1,000 exemption was one of the lowest in the nation, making Florida's new law a significant change in bankruptcy proceedings.

Impact - Why it Matters

The new law increasing the motor vehicle exemption in bankruptcy from $1,000 to $5,000 will have a significant impact on individuals in financial distress, allowing them to keep their transportation during bankruptcy proceedings. This change will provide much-needed assistance to those facing dire financial circumstances, helping to prevent the downward spiral into financial insecurity and distress.

Summary

The Florida Governor signed bill SB158 into law, increasing the motor vehicle exemption from $1,000 to $5,000 for individuals in bankruptcy. The bill was initially proposed by Rep. Michael Gottlieb and Rep. Christopher Benjamin, and sponsored by Rep. Christopher Benjamin and co-sponsored by Rep. Gottlieb, Rep. Dotie Joseph, and Rep. Johanna Lopez. The law was pushed for by Fort Lauderdale bankruptcy attorney Chad Van Horn, who emphasized the importance of helping individuals in dire financial circumstances keep their transportation during bankruptcy proceedings.

Source Statement

This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Florida Governor Signs Bill Increasing Motor Vehicle Exemption in Bankruptcy

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