What are exempt assets? | The Golden Law Group | Helping Residents & Businesses Get Financial Stability | (813) 413-8700 | http://BrandonLawyer.com | 808 Oakfield Drive, Ste A, Brandon, Florida 33511 | 9040 Town Center Pkwy, Bradenton, Florida 34202
When you file bankruptcy, you’re allowed to keep certain assets. These are called your “exempt assets.” In Florida, you are allowed to keep unlimited equity in a homestead, $1,000 of personal property, $1,000 worth of equity in an automobile, and unlimited equity in 401Ks, IRAs and pension plans. If you do not own a home in Florida, then you are also entitled to a $4,000 personal property wildcard exemption. These are, general speaking, the exemptions when you file bankruptcy in Florida.