What are Florida Bankruptcy Exemptions?
Florida Bankruptcy Exemptions
File Successfully with a Gainesville Bankruptcy Lawyer
Bankruptcy exemptions are one of the most important aspects of bankruptcy. In Chapter 7 bankruptcy, these exemptions allow you to keep some or all 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, serving North Central Florida, I am here to help you select your exemptions wisely and prevent you from making potentially damaging mistakes.
Which bankruptcy exemptions does Florida allow?
The 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. Florida has one of the most liberal homestead protection exemptions in the country! 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 bankruptcy exemptions categories include the following:
- Homestead exemption: unlimited amount in your home or other approved property if you have owned the property for at least 1,215 days. You are limited to up to one half of an acre within the city limits and 160 acres outside of the city limits.
- Personal property exemptions: up to $1,000 (doubled for married couples filing jointly)
- Motor vehicle exemption: equity up to $1,000 (double for married couples filing jointly)
- Wage exemptions: up to $750 per week for a head of a family
- Wildcard exemptions: up to $4,000 of personal property, if the homestead exemption goes unused
- Life Insurance
- Retirement Accounts
If you file for Chapter 7, anything that you exempt cannot be taken to pay off your creditors. Those who file for Chapter 13 can keep their repayment plan low by making good use of all applicable exemptions.
With so much involved in the filing process, it is easy to feel overwhelmed and unsure about your decisions. I have over 25 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 and discharge your debt.