Exempt property is property that you do not have to forfeit when filing for bankruptcy and are instead entitled to keep. Before you file for bankruptcy or take any other debt relief measure it is important to know which property exemptions you qualify for in Florida. Depending on the circumstances of your case all of your property may be exempt from the bankruptcy. On the other hand, you may be forced to liquidate precious assets if you file for bankruptcy and your property does not qualify for an exemption. Florida Law Advisers, P.A., can help you determine what property you may be forced to liquidate if you have filed or are considering filing for bankruptcy. Call us today to schedule a free consultation with a Tampa Bankruptcy attorney to find out how exemption law may affect your bankruptcy.
Bankruptcy laws are federally controlled overall, however, the law allows each state to create their own unique exemption laws for bankruptcy. It is important to hire a bankruptcy attorney who has a thorough understanding of the law regarding exemptions. Our bankruptcy attorneys have years of experience dealing with both federal and Florida exemptions which enables us to help our clients receive the greatest amount of exemptions possible by law. In some cases, our clients have been able to keep all of their property and were not required to liquidate any of their assets as a condition of filing for bankruptcy.
Exempt Property Can Include Your:
- Pension accounts
- Personal property
- Damages awarded from personal injury lawsuits
- 401K plans
- Tools used for business
For a complete list of property exemptions in Florida, or to see how exemption law may affect your bankruptcy, please call, chat or email us to speak with a Tampa bankruptcy attorney. We will be glad to answer your questions over the phone, or for more in-depth questions arrange a free consultation with a bankruptcy lawyer at our firm.
Consult a Bankruptcy Lawyer in the Tampa Bay Area Today About Property Exemptions in Florida
Florida Law Advisers, P.A., is dedicated to providing effective representation, individual attention and affordable fees to our bankruptcy clients. Florida Law Advisers, P.A., is a customer-service oriented firm with a strong reputation for providing personalized attention and dedicated legal counsel. Regardless of whether you need help with Chapter 13, Chapter 7, or other forms of debt relief, our professional legal team will provide you with competent legal advice you can trust.
Frequently Asked Questions
Yes, homestead (primary residence) is protected in both Chapter 13 and Chapter 7 bankruptcy. Therefore, you may not have to lose your home as a condition of the bankruptcy. Additionally, you can apply for a mortgage modification or force the bank to give you 5 years to pay the past due amount with Chapter 13.
Yes, retirement accounts are protected in bankruptcy. Regardless if you file Chapter 7 or Chapter 13, retirement accounts are exempt (protected) property. Social security wages are also protected in bankruptcy.
No, you may be able to keep your car in bankruptcy. Additionally, you may be able to lower the amount you owe on the car loan. In certain situations, you can reduce the car loan down to the current market value of your car. Therefore, if you owe more than what your car is worth, you may be able to eliminate thousands of dollars from your car loan.
No, Chapter 13 is considered a restructuring bankruptcy because the debtor makes payments to their creditors according to a court approved payment plan. On the other hand, Chapter 7 does not involve a payment plan. Instead of making monthly payments, the bankruptcy trustee will liquidate non-exempt assets to pay creditors.