Your Property In Bankruptcy
Bankruptcy Law Firm of L. Bruce Swiren, P.A.
Orlando, Kissimmee, Central Florida
Exemptions in Bankruptcy: What Can You Keep?
Federal bankruptcy law and Florida law let you protect some property from your creditors. In general, you will be able to exempt some assets from being used to satisfy your debts.
Each individual case is different, and some people may not be able to claim any or all of Florida’s exemptions. Call the Law Office of L. Bruce Swiren today and our lawyers will help you figure out what property is safe in bankruptcy and what property may be vulnerable to liquidation.
First, in Florida your homestead is generally exempt. Depending on how long you’ve owned your house, some or all of the equity in your house may be fully exempt from being used to satisfy your debts.
Each person in Florida is also entitled to a $1,000.00 personal property exemption. You may allocate how that $1,000.00 is spread among your assets, so you can protect the most important property to you.
If you do not own a home, Florida law grants an additional $4,000.00 personal property exemption.
Each person is also entitled to protect $1,000.00 of equity in any one vehicle. Other exemptions include IRA and 401k accounts.
Florida provides other exemptions to debtors that are not listed here. Call our office in Orlando, Florida for a free consultation.