DeSantis vetoes invoice on raising car or truck exemptions in bankruptcy proceedings

Gov. Ron DeSantis vetoed a evaluate Friday that would have amplified the worth of vehicles secured from legal promises in individual bankruptcy proceedings.

Lawmakers passed the measure (HB 265) all through the legislative session that finished in March, but it was the third monthly bill DeSantis has vetoed.

It proposed increasing the exemption of debtors’ interests in motor autos from $1,000 to $5,000.

In a veto letter to Secretary of State Wire Byrd, DeSantis wrote the measure could incentivize individuals to look for bankruptcy protection.

“Although it might be time to take into consideration raising the out-of-date exemption amount of money, this enhance ought to use to all persons who can assert Florida exemptions, whether or not in or out of personal bankruptcy, so that persons are not incentivized to file for bankruptcy, which has very long-lasting, damaging consequences for a person’s credit score historical past,” DeSantis wrote.

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State legislation permits persons seeking bankruptcy protection to exempt homesteaded property, no matter of value, from the claims of lenders. They also can find protections on up to $1,000 in individual home, as very well as the security on the value of cars.

The personal house safety grows by $4,000 if the persons do not get homestead defense. Lawmakers handed the bill with no opposition.

DeSantis also declared late Friday that he experienced signed eight charges from the session.