In a U.S. federal bankruptcy case, we can use Florida state law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of Florida bankruptcy exemptions that an attorney can use to help keep creditor's hands off your cherished possessions. The Florida bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a U.S, federal bankruptcy case is often very involved. Additionally, the Florida bankruptcy exemptions below are not an exhaustive list, therefore you should contact us to determine the other types of property that you own which may be exempt.
Homestead Bankruptcy Exemptions
This exemption can be used to protect up to 160 acres of connected land outside of the city (rural land) or acre of land and your house (if in the city). Unfortunately you can't use this Florida exemption to protect a rental property or a house you are not living in.
Motor Vehicle Bankruptcy Exemptions
We can use this exemption to protect $1,000 in value of any one motor vehicle listed in your U.S. federal bankruptcy.
Life Insurance Proceeds Bankruptcy Exemptions
Under this exemption we can protect a payment under a life insurance contract that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).
Qualified Retirement Plan Bankruptcy Exemptions
We can prevent creditors from touching the proceeds of your hard-earned retirement plan. This exemption can be used to exempt anything from stock bonuses, pensions, profit sharing plans and annuities as long as we determine that your savings are in a qualified retirement plan.
Unemployment Compensation Benefits Bankruptcy Exemptions
We can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.
Worker's Compensation Bankruptcy Exemptions
This bankruptcy exemption can be used protect 100% of compensation you receive under Florida workers' compensation laws. We can protect both 100% of your wages and 100% of the award you receive to compensate you for any permanent disability. In Florida, workers' compensation cases are 100% exempt. If you are injured while working then that is money you deserve and creditors will be prevented from reaching those funds.
Wildcard Bankruptcy Exemptions (Any Personal Property of Debtor)
Last, but probably most important of the exemptions is the Wildcard Exemption. Using the Wildcard Exemption in your bankruptcy case, we can protect up to $1,000 of any type of personal property. This exemption can be used to protect anything you own that has equity in excess of the above exemptions.