Bankruptcy exemptions can play a large role in both Chapter 7 and Chapter 13 bankruptcies. Exemptions can determine how much of your property you can keep, or how to keep your payment plan low and affordable. These exemptions can also be used to help you recover financially after a bankruptcy.
What Are Bankruptcy Exemptions?
These exemptions allow you to keep a certain amount of assets during a bankruptcy. Exempt assets cannot be taken from you and sold to pay off your creditors. There are many assets that may be protected by an exemption, but they often must be under a certain dollar amount to qualify for an exemption.
What Assets are Exempt?
- Personal property, such as art, furniture, and electronics, up to $1,000
- Education, health, and hurricane savings
- Prescribed health aids
- Prepaid medical savings account and health account deposits
- Funeral costs per Florida’s Preneed Funeral Contract Consumer Protection Trust Fund
- Particular property ownership
- Property under Florida Homestead Exemption
- Motor vehicle equity up to $1,000
Florida bankruptcy law outlines a number of exemptions that may be applied to your bankruptcy case. You should speak with your bankruptcy attorney to determine which exemptions are applicable to your particular situation. These exemptions may include:
- Florida Wildcard Exemption.
- Pension plans, such as ERISA qualified retirement plans, IRAs and Roth IRAs, public employee retirement benefits, state and county officer retirements, firefighter pensions, municipal police pensions, and teachers’ retirement benefits.
- Veterans’ benefits.
- Social Security benefits.
- Local public assistance benefits.
- Reemployment assistance.
- Alimony and child support.
- Disability income benefits
- Life insurance payouts
- Workers’ compensation benefits
Speak to a Brevard County Bankruptcy Attorney - (321) 320-6088
Bankruptcy law can be confusing, and exemptions may be a challenge to understand. Our Brevard County bankruptcy lawyers can help you to use every exemption you are entitled to. At The Buchalter Law Group, we are backed by more than 35 years of experience in bankruptcy law, and we can help you minimize the damage of bankruptcy.