Understanding the Nature of Florida Bankruptcy Exemptions
As your bankruptcy attorneys in Tampa can explain, state and federal law protects certain types and amounts of property from the reach of creditors. Florida has some of the most liberal laws regarding bankruptcy exemptions. The law allows for certain assets such as your home, personal property, a vehicle, certain wages and what’s known as a “wild card” exemption that can be used in addition to other Florida bankruptcy exemptions.
Most Florida bankruptcy exemptions have the biggest impact in a Chapter 7 filing where a debtor might be otherwise required to sell certain assets to pay off debt before being granted a discharge.
What Happens If You Claim an Exemption
As your bankruptcy attorneys in Tampa can explain, when you claim an exemption, in effect this means that you cannot be forced to sell that exempt property in order to satisfy your debt. In other words, you may get to keep it. In a Chapter 7 filing, Florida residents may be able to claim a homestead exemption up to an unlimited value depending on the size of the property and how long they have lived there. Certain savings up to a monetary value, up to $1,000 of your vehicle’s worth are all capable of being claimed as an exemption.
Knowing what to claim and how much is a critical part of a successful bankruptcy filing. Let your attorney provide you with knowledgeable legal counsel so that you can avail yourself of the maximum protection afforded by the law.
Savage Villoch Law, PLLC is a top Tampa Bankruptcy Law Firm. If you would like to speak to a skilled attorney about your legal options for debt relief, schedule an appointment by calling 813-251-4890.