Exemptions in Florida
Filing for Bankruptcy? Exemptions Can Protect Your Property.
Are you considering filing for bankruptcy? You may be worried about losing all of your property, your home, or your bank accounts. Fortunately, the state of Florida offers many exemptions that can allow you to keep some, if not all, of your property.
As one of the leading debt relief law firms in the Central Gulf Coast region of Florida, The Golden Law Group can provide you with focused, attentive, and compassionate legal counsel. The firm prides itself on protecting clients from legal problems that arise from debt. Hire the firm's bankruptcy lawyers in Brandon to inform you of your rights under Florida's exemptions so that you can keep your assets and protect the legacy that you have worked an entire lifetime to build.
Are you filing for bankruptcy and have questions about exemptions in Florida? Contact The Golden Law Group online or call (813) 699-4911 for a free consultation.
Can I keep my property after filing for bankruptcy?
In order to use Florida's exemptions, you must first fulfill the state's residency requirements. If you have lived in Florida for at least 730 consecutive days prior to filing for bankruptcy, then you could be eligible to use the exemptions.
The following Florida bankruptcy exemptions allow you to keep some, or all, of your property:
- Florida's homestead exemption
- Personal property exemptions
- Motor vehicle exemption
- Wage exemption
- Wildcard exemption
- Exemption for pensions
- Exemption for public benefits
- Child support and alimony exemptions
- Insurance policy and annuities exemptions
- Personal injury exemptions
If you do not fulfill the residency requirement, do not think that your case will be hopeless. With the help of an attorney, you can determine what property you can keep. Given your circumstances, the firm can guide you in a way that can help offer you and your family the most protection during this time.
What Is the Florida Wildcard Exemption?
Regardless of if you are filing for Chapter 7 or Chapter 13, a debtor can protect their property that is covered by an exemption. If a debtor does not use the homestead exemption, they may use the Florida wildcard exemption to claim up to $4,000-worth of personal property.
The Florida Homestead Exemption and Bankruptcy
The homestead exemption protects your home from creditors after filing for bankruptcy. You may exempt an unlimited amount of equity in your eligible property as long as it is not bigger than half an acre in a municipality or 160 acres outside of one. Some say that Florida has the best homestead exemption in the country.
Below are some of the requirements for the homestead exemption:
- Owner must be a U.S. citizen or a legal permanent resident and be able to provide proof.
- Must be the legal owner or beneficial title by January 1 during the year of the application.
- Must also reside on the property as of January 1 of the year of the application.
Call Today for Affordable Legal Representation
The Golden Law Group specializes in legal matters pertaining to bankruptcy law. Lead Attorney G. Donald Golden is board-certified in consumer bankruptcy law by the American Board of Certification. He has a level of expertise in the area of consumer bankruptcy that has helped numerous consumers and struggling small businesses in Florida regain their footing and move forward in life with a fresh start.
Call the firm today at (813) 699-4911 and ask about the affordable payment plans that are available to you.