Legal Question in Bankruptcy in Florida

Your interpretation of state exemptions is not entirely correct. Most judges interpret that provision as an intent to abandon the homestead property. You may not be entitled to this "super exemption" if you intend to remain in the property.

Assuming that you are entitled to the additional exemption, you are correct that the term personal property includes cash in your possession and money in checking and savings accounts.

I suggest you consult with a qualified bankruptcy attorney to assit you with your filing. Best of luck.

According to FL statutes, the $4k exemption, doubled for joint BR, applies only if homestead exemption is not claimed. Also, other exemptions, such as 1k for a vehicle. Personal property exemption, if applicable, does apply to bank accounts, cash, jewelry, etc.

As suggested in the other response, you are advised to consult with an attorney since BR depends on your total finances and intentions.

You might also be interested to know that the chief bankruptcy judge for the middle district of florida just ruled that if your house is underwater (negative equity) then you can stay in the house, not elect homestead, and qualify for the extra wildcard exemption.

Since Sarasota is part of the middle district of florida. It may have a bearing on your case.

But, to answer your question, you can use your wildcard exemption for anything you want, including cash.