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Experienced Orlando Bankruptcy Attorneys Helping Clients Keep and Protect Their Assets
January 26, 2021
April 27, 2020
December 16, 2019
The Law Offices of Walter F. Benenati can advise you as to which of your assets may be exempt or non-exempt under Florida bankruptcy law.
Florida’s bankruptcy exemptions are considered quite favorable to residents, and allow married couples filing jointly to each claim a full set of exemptions. Florida law allows an unlimited exemption in the value of your home or other property, as long as it is not larger than half an acre in a municipality or 160 acres elsewhere, and you owned the property for at least 1,215 days prior to filing the bankruptcy petition. Other categories of your valuable personal property that are exempt in a Florida Chapter 7 bankruptcy include:
- Personal property up to $1,000
- Education, health, and hurricane savings
- Prescribed health aids
- Up to $1,000 in motor vehicle equity, and more if you are married and filing jointly
- Wages of a head of family up to $750 per week
- A “wildcard” exemption of up to $4,000 in personal property if a homestead exemption is not claimed
Florida bankruptcy law also provides exemptions to help struggling individuals protect their retirement benefits, public benefits, alimony and child support, insurance policies and annuities, and personal injury damages, including the following:
- IRAs and Roth IRAs up to $1,171,650
- Benefits payable under the Florida Retirement System
- State and county officers and employees retirement system benefits
- Firefighter and municipal police pensions
- Teachers’ retirement benefits
- Workers’ compensation benefits
- Crime victims’ compensation benefits
For a complete list of exempt and non-exempt assets in a Florida bankruptcy, call 407-BANKRUPT (407-777-7777) to get bankruptcy advice from the Law Offices of Walter F. Benenati, bankruptcy attorneys who have personal knowledge of Florida bankruptcy law and know what you’re going through.
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