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Bankruptcy exemptions are one of the most important aspects of bankruptcy. In Chapter 7 bankruptcy, these exemptions allow you to keep some or all of your property. Exemptions for Chapter 13, however, apply to your creditor repayments. Whichever chapter you file for, bankruptcy exemptions will play a critical role in your overall financial future. As a Gainesville bankruptcy attorney, I am here to help you select your exemptions wisely and prevent you from making potentially damaging mistakes.
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Bankruptcy code has a list of both state exemptions and federal exemptions. Florida only allows residents to use state exemptions when they file, most of which are very advantageous to debtors. To take advantage of Florida’s exemptions, you must have been a continuous resident of the state for at least 730 days before filing.
Florida’s main exemptions categories include the following:
If you file for Chapter 7, anything that you exempt cannot be taken to pay off your creditors. Those file for Chapter 13 can keep their repayment plan low by making good use of all applicable exemptions. Typically, exempting the entire value of an asset means you can keep it.
With so much involved in the filing process, it is easy to feel overwhelmed and unsure about your decisions. I have over 20 years of experience helping individuals file for bankruptcy and would be honored to do the same for you. Together, we can create an effective plan to save your valuable assets or lessen the amount you have to pay back to creditors.
Don’t wait to pursue the financial future you deserve. Get in touch with my firm right away for personal representation from a Gainesville bankruptcy lawyer.