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.
Determining what property is considered exempt under Florida law should be undertaken only with the help of an experienced bankruptcy attorney. At LeavenLaw, our team has proudly helped many clients through similar situations. Our goal is to help each and every client move forward from their present circumstances with confidence, knowing that we will handle the details and help them fight for a financially secure future!
To learn more about your options, contact us today.
The Effect on Property
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. For a general outline of what property might be considered exempt, our firm has compiled a list of information below.
Take a look at the following:
- 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)
Will the Value of My Property Exemptions be Verified?
Typically, the value of your exemptions is submitted by the debtor, under penalty of perjury. It is assumed that you know the general value and condition of your assets and you are the one who is expected to submit the values of these assets. Although this mostly runs on the honor system, the bankruptcy Trustee has the authority to have an appraiser travel to your home to value the property listed as exemptions. After meeting with you, the Trustee has 30 days to object to any of these exemptions. If that time passes and no objections have been made, you are free to do what you wish with your exempt assets.
Speak with a St. Petersburg Bankruptcy Lawyer in a Free Consult!
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.