If you are considering filing for bankruptcy, one concern at the top of your mind may be whether or not you're going to have to liquidate or give up valuable property in the process. At Carmona Law, our Kissimmee bankruptcy attorneys are caring, compassionate, and here to answer all of your questions. We want you to feel comfortable about your decision and we have good news – thanks to Florida's generous bankruptcy exemptions, you may not have to lose anything.
Bankruptcy exemptions are property owned by the debtor that Florida law permits the debtor to keep from unsecured creditors. While the Bankruptcy Code has a list of federal bankruptcy exemptions, each state decides whether residents can use the federal exemptions or not. In Florida, residents are not allowed to use the federal bankruptcy exemptions, they are required to use the state's exemptions.
While Florida residents cannot use the federal bankruptcy exemptions, the state's bankruptcy exemptions are quite favorable; for example, they include unlimited exemptions for the homestead, annuities, and the cash surrender value of one's life insurance policy.
The following are examples of exempt property:
Although Florida decided to opt out of the federal exemptions, Section 222.201 allows for the federal exemptions covered under Section 522(d)(10) of the Bankruptcy Code, which include exemptions for veterans and social security benefits, and local public assistance benefits.
Under Florida's wildcard exemption, a debtor can claim up to $4,000 in personal property if the debtor doesn't use the homestead exemption.
Above we've outlined the most common bankruptcy exemptions in Florida; however, there are more exemptions that may apply to your case. To learn more about the complete list of bankruptcy exemptions, we encourage you to contact our office. In a free case evaluation, we can go over all applicable bankruptcy exemptions and answer any questions that you have.
We offer legal services in English and Spanish – contact our Kissimmee bankruptcy exemption attorney today.
Our firm has four offices throughout Florida. We also serve Puerto Rico and Colombia.