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Under the Florida Constitution, Florida residents are
provided with a homestead exemption. Fla. Const. art. 10, sec. 4
(West 1965). Under this exemption, in general, the debtor's
residence and the debtor's personal property to the value of
$1,000 are exempt from creditors. Id. The Florida Statutes also
provide exemptions for annuities and certain pension, retirement,
and profit-sharing plans. Fla. Stat. Ann. secs. 222.14, 222.21
(West 1998). A debtor's interest, not to exceed $1,000 in value,
in a single motor vehicle is also exempt from creditors. Fla.
Stat. Ann. sec. 222.25 (West 1998). Therefore, under Florida
law, petitioners' creditors would not be able to attach
petitioners' home, $1,000 of the automobile, $1,000 of personal
property, the interests in the FPL Thrift Plan and the MetLife
annuity, and the potential interests in the FPL pension and the
Florida Retirement System.
Even so, for purposes of section 108(a)(1)(B) and (d)(3),
petitioners cannot exclude from their assets the property exempt
under Florida law. This Court recently held that property exempt
from creditors under State law may not be excluded from "assets"
when making an insolvency determination under section
108(a)(1)(B) and (d)(3). Carlson v. Commissioner, 116 T.C. 87
(2001).
As set forth above, on each of the three dates on which
petitioners’ debts were discharged, petitioners’ assets exceeded
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Last modified: May 25, 2011