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What is Exempt from Bankruptcy? Florida Bankruptcy Exemptions

The decision to file for bankruptcy is a difficult one, and there is a lot of things to find out about which type of bankruptcy, if it's a chapter 7 bankruptcy or chapter 13 bankruptcy, is best for your current financial situation, before filing. One thing a person who is considering bankruptcy should look into is, what would be considered exempt from bankruptcy if one should file.

Exemptions differ among states. Each state has laws for exemptions. For those who reside in Florida, it is important to know what is considered a bankruptcy exemption in their state. With chapter 7, Florida exemptions can help a debtor keep some property, and with chapter 13, Florida exemptions impact how much a debtor pays creditors with in the terms of the plan.

Within the Bankruptcy Code there is also a list of federal bankruptcy exemptions; however, states, such as Florida, can decide not to let these exemptions apply to its residents. Instead the State of Florida requires residents to adhere to Florida bankruptcy exemptions, which are considerably beneficial to Florida state residents. In order to qualify for Florida state exemptions a person as to be a full time resident for at least 2 years prior to filing for bankruptcy. If someone is not a resident in one particular state for 2 years, then exemptions apply to the state where they resided in for 6 months before the 2 years prior to filing.

Florida's homestead exemption is the most favorable of state homestead exemptions. It allows for residents to exempt any amount of property under the homestead exemption. To be eligible for the full value of the Florida homestead exemption, a person has to reside in their home for almost 3 and half years or they can only qualify for an exemption up to $146,450 per debtor.

Another exemption of Florida bankruptcy to note is those that apply to personal property. Personal property is not limited to tangible personal property but also includes intangible property, such as corporate stock, partnership interests, and choses of action such as personal injury claims. Up to $1000 is allowed for exemption per debtor. An additional $4,000.00 in personal property is allowed per debtor who does not claim a homestead exemption. Wages exemptions up to $750 per week are also available for head of household. Wages include paid and unpaid wages that are deposited within the last 6 months before filing. Wages of others members of the household are exempt also just on a smaller scale.

Other exemptions for bankruptcy in Florida include: motor vehicle, pensions, child support, public benefits, among others. To find out what other exemptions one might qualify for under the state of Florida's bankruptcy exemptions seek help from an experienced bankruptcy attorney, who can guide you through a bankruptcy as smoothly as possible.

Works Cited:

Florida Bankruptcy Exemptions - Property & Assets in Bankruptcy | Nolo.com (Nolo.com)

http://www.nolo.com/legal-encyclopedia/florida-bankruptcy-exemptions-property-assets-bankruptcy.html

Paskay, A. L. (2006). Creditors' rights (Rev. 4th ed.). Lake Mary, FL: Vandeplas Pub..

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