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So you know that Florida bankruptcy exemptions for cars are complicated, but what about other important assets? Before you think seriously about declaring bankruptcy, it is essential that you know exactly what you are going to be required to give up.
As debt relief lawyers, this is one of the first things we tell people who come into our office. Declaring bankruptcy may seem like a great way to unburden yourself and start over, but whether or not it is right for you depends on your goals, what you’re going to lose and how much your life will change.
Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376).
A List of Florida Bankruptcy Exemptions
The first thing that you need to know about the bankruptcy exemptions in Florida is that our state does not adhere to the Federal exemption list. So what does the Florida exemption list cover? Just a few of the exemptions are:
Your “homestead.” Among other things, Florida’s homestead exemption lets you protect your home no matter how much it is worth. The only caveat is that you must have been living there for at least 1,215 days. Less than that and you can only exempt $146,450.
Savings for health, education, or hurricanes. If you have dedicated accounts for these three things, creditors can’t touch them.
$1,000 of “personal property.” This one is fairly broad and covers everything from furniture and electronics to artwork.
Bankruptcy Exemptions for Health equipment. It stands to reason that if you can protect your health savings, you should be able to keep things like hearing aids, right? Well, that’s the basic logic behind this law.
$750 in weekly wages. This number is for the head of household. If other people in your household work, they will be protected to a lesser degree.
Some pensions, IRAs, and retirement benefits. If you have some kind of retirement fund, creditors may not be able to touch it – but it depends. The best thing to do is speak with an expert in this area of law to make sure your particular plan qualifies.
Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376).
Florida Bankruptcy Exemptions May Not Be the Deciding Factor
Of course, even after you know what assets you will be able to keep and what you will have to give up, that does not necessarily tell you whether or not you should file bankruptcy. There are many other factors to consider. The best way to get the most accurate answers is to speak with a bankruptcy law firm who can fully advise you on Florida bankruptcy law as it pertains to you your entire situation.
Knowing the Florida bankruptcy exemptions is a good place to start, but declaring yourself bankrupt is not a step to be taken lightly.
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