Orlando Property Exemptions Attorney
It is not uncommon for people to delay filing bankruptcy because they believe that they will lose everything they own. Fortunately, the vast majority of people who file bankruptcy do not lose any property at all. The bankruptcy laws were not put into place to take everything away from consumers. Instead, they are intended to help you get a fresh start. Our Orlando property exemptions attorney can help you protect what is most important to you while obtaining the clean financial slate bankruptcy can provide.
What are Property Exemptions?
Property exemptions are a part of the Chapter 7 bankruptcy process. Chapter 7 bankruptcy is also known as liquidation bankruptcy because some property may be liquidated, or sold, in order to help cover a person’s debts. While the bankruptcy laws are controlled by the federal government, each individual state is allowed to create their own exemptions. Florida has some of the most generous property exemptions in the country.
Property exemptions are not part of the Chapter 13 bankruptcy process. Chapter 13 is a reorganization bankruptcy and so, debt is repaid slowly over time. As such, there is no need to liquidate any property.
The Homestead Exemption in Florida
Under Florida’s bankruptcy laws, you can protect 100 percent of the equity in your home. To do this, your property cannot exceed more than one-half of an acre in a municipality, or 160 acres outside of a municipality. To qualify for the homestead exemption, you must own the property for a minimum of 1,215 days prior to filing for bankruptcy.
The Motor Vehicle Exemption in Florida
The property exemption laws of the state allow you to protect up to $1,000 in motor vehicle equity. If you are married and filing joint bankruptcy, you can protect even more of the equity in your motor vehicle.
The Wages Exemption in Florida
Wages earned by the head of the family are 100 percent exempt, up to $750 per week, or the greater of 75 percent or 30 times the federal minimum wage. The wages of any other person that is not the head of household are exempt up to 75 percent or 30 times the federal minimum wage, whichever is greater.
Exempt Personal Property
Florida law provides many exemptions for personal property, as well. These include:
- Up to $1,000 in personal property such as art, furniture, and electronics,
- Health savings, education savings, and hurricane savings,
- Prescription health aids,
- Prepaid health savings and medical savings accounts,
- Tax refunds and credits,
- Funeral costs, and
- Partnership property.
If you are not using the homestead exemption, you can protect up to $4,000 of personal property.
Our Property Exemptions Attorney in Orlando Can Protect Your Assets
If you are thinking of filing bankruptcy, do not worry about losing everything that is important to you. At Florida Law Advisers, P.A., our Orlando property exemptions attorney can advise on how to protect your property and guide you through the process so you obtain the most favorable outcome. Call us today at 1 (800). 990-7763 or contact us online to schedule a consultation and to get the help you need.
