Home Valuation tools

Zillow.com Recommended! Wonderful tool that shows home values in your neighborhood. This link will take you to a listing of the average home value in your zip code. Just add your street address to get an estimate of the value of your house, and all others in your neighborhood. (Note: Does not serve all areas, and valuations are imperfect estimates only.)

Yahoo Real Estate offers comparable home sales in your neighborhood.

• FL Exemptions
• May file homestead declaration
  Fla. Stat. Ann. § 222.01
  
• Property held as tenancy by the entirety may be exempt against debts owed by only one spouse
  Havoco of America, Ltd. v. Hill, 197 F.3d 1135 (11th Cir Fla. 1999)
  
• Real or personal property including mobile or modular home to unlimited value; cannot exceed half acre in municipality or 160 acres elsewhere; spouse or child of deceased owner may claim homestead exemption (husband & wife may double)
  Fla. Stat. Ann. § 222.01
  Fla. Stat. Ann. § 222.02
  Fla. Stat. Ann. § 222.03
  Fla. Stat. Ann. § 222.05
  Fla. Const. Art.10, § 4
  In re Colwell, 196 F.3d 1225 (11th Cir. 1999)
  

• Property held as tenancy by the entirety may be exempt against debts owed by only one spouse
  Havoco of America, Ltd. v. Hill, 197 F.3d 1135 (11th Cir Fla. 1999)
  In re Musolino, 391 F.3d 1295 (11th Cir 2004)
  Meyer v. Faust, 83 So.2nd 847 (Fla 1955)
  

• Annuity contract proceeds; does not include lottery winnings
  In re Pizzi, 153 B.R. 357 (S.D. Fla. 1993)
  Fla. Stat. Ann. § 222.14
  
• Death benefits payable to a specific beneficiary, not the deceased's estate
  Fla. Stat. Ann. § 222.13
  
• Disability or illness benefits
  Fla. Stat. Ann. § 222.18
  
• Fraternal benefit society benefits
  Fla. Stat. Ann. § 632.619
  
• Life insurance cash surrender value
  Fla. Stat. Ann. § 222.14
  

• Alimony, child support needed for support
  Fla. Stat. Ann. § 222.201
  
• Damages to employees for injuries in hazardous occupations
  Fla. Stat. Ann. § 769.05
  

Special Rules for Retirement Accounts

Under a new provision of the bankruptcy law, enacted in October 2005, virtually all types of pension and retirement accounts recognized by the IRS are completely exempt regardless of what state you live in.

This provision exempts"retirement funds to the extent that those funds are in a fund or account that is exempt from taxation under Sections 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code."

This list covers 401(k)s, 403(b)s, profit-sharing and money purchase plans, IRAs (including SEP and SIMPLE plans), as well as defined-benefit plans.

The exemption applies whether you rely on the list of federal bankruptcy exemptions (11 U.S.C. 522(d)(12)) or the exemption laws of your own state (See 11 U.S.C. 522(b)(3)(C)). Section 522(b)(4) spells out the specific requirements for qualifying under these provisions.

These exemptions are unlimited, except for Roth and traditional IRAs, which are capped at an aggregate IRA account value of $1 million per individual (adjusted every three years for inflation). (See 11 U.S.C. 522(n))

SEP and SIMPLE IRAs, along with all other types of non-IRA retirement accounts such as 401(k)s and 403(b)s, are completely exempt.

More Info

For more details, see an excellent summary of how retirement accounts are treated under the new bankruptcy law from the August 2005 issue of the Journal of Financial Planning.

References to the Internal Revenue Code

The new bankruptcy law exemption for retirement accounts includes all funds "exempt from taxation under section 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code of 1986."
Those sections cover:

• 401 (a qualified pension, profit-sharing and stock bonus plan created under a trust established by an employer for the exclusive benefit of employees or beneficiaries)
• 403 (qualified annuity plans that are established by an employer for an employee under IRC 404(a)(2) or 501(c)(3))
• 408 (IRAs)
• 408A (Roth IRAs)
• 414 (other retirement plan for controlled groups of employees such as churches, partnerships, proprietorships, and governments)
• 457 (eligible deferred compensation plans) or
• 501(a) (retirement plans established and maintained by tax-exempt organizations, e.g. churches, nonprofit organizations)

Special 'exclusion' of education accounts

Under the new bankruptcy law, education savings accounts or education IRAs created under sections 529 or 530 of the Internal Revenue Code are 'excluded' from the bankruptcy estate (not quite the same as 'exempt' but with the same result).

See, 11 U.S.C. 541(b)(6), (529 Education Tuition Plans) and 11 U.S.C. 541(b)(5) (530 Coverdell IRAS)

NOTE: Even though these education accounts are excluded from the bankruptcy estate, you still must list them on your forms (See section (11 U.S.C. 521(c).)

Also excluded are:

• benefits governed by ERISA (Click here for government info on ERISA and pension.)
• 414(d)(governmental retirement plans),
• IRC 457 (deferred compensation)
• 403(b)( tax deferred annuity plan including church plans, etc)

See 11 U.S.C. 541(b)(7)

• County officers, employees
  Fla. Stat. Ann. § 122.15
  
• ERISA-qualified benefits, and all tax exempt retirement funds including IRAs, Roth IRAs
  Fla. Stat. Ann. § 222.21 (2)
  
• Firefighters
  Fla. Stat. Ann. § 175.241
  
• Police officers
  Fla. Stat. Ann. § 185.25
  
• State officers, employees
  Fla. Stat. Ann. § 121.131
  
• Teachers
  Fla. Stat. Ann. § 238.15
  

Auto Valuation Tools:

Kelley Blue Book

Edmunds

Both of these websites offer interactive tools to determine the current value of your used car.

• $4,000 of any personal property in lieu of homestead exemption. This exemption does not apply to a debt owed for child support or spousal support.
  Fla. Stat. Ann. § 222.25((4) A debtor's interest in personal property, not to exceed $4,000, if the debtor does not claim or receive the benefits of a homestead exemption under s. 4, Art. X of the State [FN2] Constitution. This exemption does not apply to a debt owed for child su)
  
• Any personal property to $1,000 (husband & wife may double)
  In re Hawkins, 51 B.R. 348 (S.D. Fla. 1985)
  Fla. Const. Art.10, § 4
  
• Federal income tax refund or credit
  Fla. Stat. Ann. § 222.25 (3)
  
• Health aids
  Fla. Stat. Ann. § 222.25 (2)
  
• Motor vehicle to $1,000
  Fla. Stat. Ann. § 222.25 (1)
  
• Pre-need funeral contract deposits
  Fla. Stat. Ann. § 497.456 (8)
  Fla. Stat. Ann. § 497.413
  
• Prepaid college education trust deposits
  Fla. Stat. Ann. § 222.22 (1),(3)
  
• Prepaid hurricane savings account deposits
  Fla. Stat. Ann. § 222.22 (4)
  
• Prepaid medical savings account deposits and flexible spending account.
  Fla. Stat. Ann. § 222.22 (2)
  

• Crime victims' compensation, unless seeking to discharge debt for treatment of injury incurred during the crime
  Fla. Stat. Ann. § 960.14
  
• Earned Income Tax Credit
  Fla. Stat. Ann. § 222.25 (3)
  
• Public assistance
  Fla. Stat. Ann. § 222.201
  
• Social Security
  Fla. Stat. Ann. § 222.201
  
• Unemployment compensation ("reemployment assistance")
  Fla. Stat. Ann. § 222.201
  Fla. Stat. Ann. § 443.051 (2),(3)
  
• Veterans' benefits
  Fla. Stat. Ann. § 222.201
  Fla. Stat. Ann. § 744.626
  
• Workers' compensation
  Fla. Stat. Ann. § 440.22
  

• 100% of wages for heads of family up to $750 per week either unpaid or paid and deposited into bank account for up to 6 months
  Fla. Stat. Ann. § 222.11
  
• Federal government employees' pension payments needed for support & received 3 months prior
  Fla. Stat. Ann. § 222.21