Can I keep my home in bankruptcy?

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.

Will I lose my car 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.

Can I keep my retirement account in bankruptcy?

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.

Will I lose assets in Chapter 13 bankruptcy?

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.

Florida Law Advisers, P.A.

Bankruptcy Property Exemptions

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:

Home
Car
Pension accounts
Wages
Personal property
Jewelry
Damages awarded from personal injury lawsuits
Annuities
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, 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.

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Cash Envelope for Permanent Alimony in Florida

Permanent Alimony (2020): Florida Divorce/Family Law

23

Sep

2020

Alimony, which is also frequently referred to as maintenance or spousal support, is payment from one ex-spouse to the other. The fundamental principle guiding an award for Florida permanent alimony is the disparity in the financial resources of the two parties. However, the disparity in financial resources alone is not enough to justify an alimony award. See Segall v. Segall. Instead, Florida law looks at one spouse’s ability to pay alimony vs. the other spouse’s need for Florida permanent alimony. See Canakaris v. Canakaris.

Alimony Guide (2020): Florida Divorce/Family Law

23

Sep

2020

Alimony is financial support provided to an ex-spouse to help maintain the standard of living maintained during the marriage. There are many different types of alimony in Florida, which vary in amount, form, and duration. If you are seeking alimony or trying to prevent paying alimony, contact a divorce law firm in Tampa for help. The amount and duration of alimony in Florida are determined on a case by case basis.

Division of Marital Assets (2020): Florida Divorce Law

23

Sep

2020

When a married couple files for divorce in Florida, there will be an “equitable distribution” of the marital assets and liabilities. See Florida divorce law 61.075. Usually, the court will divide marital assets and liabilities 50/50 unless there are factors that would make an equal split inequitable. Usually, the first step is to determine if the asset or debt is marital or separate property. Only marital property/ debt is subject to equitable distribution by a court.

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