Bankruptcy Exemptions in Florida

What are bankruptcy exemptions?

There are certain exemptions in terms of property, investments or similar asset ownership that may be applied to your specific bankruptcy path which may allow you to keep certain assets through chapter 7 bankruptcy, or pay less overall in the case of chapter 13 filings. These are known as bankruptcy exemptions, and proper identification of these specific assets may significantly reduce your overall losses. Residents of Florida are required to conform to state exemptions, and may also utilize federal non-bankruptcy exemptions. Determining which items may be exempt from your bankruptcy proceedings can be complicated, and enlisting the services of a quality Ft. Lauderdale bankruptcy attorney may provide a significant benefit.

In the case of chapter 7, bankruptcy exemptions can prohibit certain assets from being liquidated to pay off outstanding debts to creditors. In the case of chapter 13, these same exemptions can be applied to reduce the overall cost of repayment to creditors. One of the most significant exemptions in Florida is available through filing a homestead declaration, which may exempt your home or property. Personal property may also be deemed exempt, such as savings accounts, automobiles, personal property up to $4,000 where there is no homestead exemption and up to $1,000 when a homestead declaration is utilized. There are a wide variety of other exemptions which may also be applied such as retirement accounts, pensions, child support, insurance, savings accrued from wage earnings and many others.

Determining Your Bankruptcy Exemptions

This list of possible exemptions is long, and there are certain requirements that must be met in order to claim some of them. The Law Offices of Brown, Van Horn P.A. have supported clients in bankruptcy proceedings for over 40 years, and our knowledge of bankruptcy exemptions has given many individuals and businesses throughout Ft. Lauderdale the opportunity to move forward after bankruptcy while still retaining valuable assets. Our firm will work closely with you to determine which items can be exempted from bankruptcy, and we will fight to see that you get the best possible resolution for your situation.

Contact a Ft. Lauderdale bankruptcy attorney if you are filing for bankruptcy and need assistance in determining which items can be claimed as exempt, and which cannot.