DeSantis vetoes invoice on increasing vehicle exemptions in bankruptcy proceedings

Gov. Ron DeSantis vetoed a measure Friday that would have enhanced the benefit of automobiles safeguarded from authorized statements in bankruptcy proceedings.

Lawmakers passed the measure (HB 265) through the legislative session that finished in March, but it was the 3rd monthly bill DeSantis has vetoed.

It proposed rising the exemption of debtors’ passions in motor motor vehicles from $1,000 to $5,000.

In a veto letter to Secretary of Point out Wire Byrd, DeSantis wrote the evaluate could incentivize people to request bankruptcy protection.

“Although it could be time to think about raising the out-of-date exemption quantity, this enhance really should utilize to all folks who can claim Florida exemptions, whether in or out of bankruptcy, so that folks are not incentivized to file for individual bankruptcy, which has very long-long lasting, detrimental outcomes for a person’s credit score record,” DeSantis wrote.

Connected: DeSantis vetoes net metering bill opposed by rooftop photo voltaic proponents

State law allows men and women trying to find bankruptcy protection to exempt homesteaded residence, irrespective of worth, from the promises of lenders. They also can look for protections on up to $1,000 in own home, as properly as the protection on the value of automobiles.

The personal assets defense grows by $4,000 if the people today do not get homestead security. Lawmakers passed the bill without opposition.

DeSantis also announced late Friday that he had signed eight expenses from the session.