Bankruptcy Exemptions

Every state has particular property exemptions that are allowed when a debtor files for bankruptcy. Although Chapter 7 bankruptcy is often referred to as "liquidation bankruptcy" and does involve the surrender of assets to the bankruptcy court to be sold and the proceeds distributed amongst creditors, this does not mean that the debtor will need to surrender all of his or her property. In fact, Florida law protects a great deal of assets.

The Effect on Property

While a St. Petersburg bankruptcy attorney at our law offices can help you get more information about how your property may be affected by Florida bankruptcy exemptions, we have also listed basic information about these below:

  • The debtor's homestead, including a mobile home, condominium or other real estate is protected to an unlimited value. However, the property cannot exceed ½ acre in a municipality or 160 acres elsewhere.
  • Motor vehicle valued at or with equity of up to $1,000
  • Federal income tax credits or refunds
  • Prepaid hurricane savings accounts
  • Prepaid medical saving account deposits
  • Prepaid college education trust deposits
  • Personal property up to $1,000
  • Wages - for the head of the household, up to $500 per week
  • Traditional and Roth IRAs valued at up to $1,095,000 per person
  • Pensions for firefighters, police officers, county and state officers and employees, and teachers
  • Workers' compensation benefits
  • Social security, unemployment compensation and public assistance
  • Veteran's benefits
  • Spousal and child support
  • Death benefits, disability benefits or illness benefits (insurance benefits)

The particular property that is exempt may vary depending on your unique situation, so it is important to discuss the matter with an experienced lawyer. At LeavenLaw, we represent clients throughout Florida from our offices in Clearwater, Tampa, St. Petersburg and Sarasota. Contact our firm as soon as possible if you need representation in your bankruptcy case.