BANKRUPTCY EXEMPTIONS
Law You Can Understand
Bankruptcy
Exemptions
You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed and you’ll be able to keep this exempted property after you file bankruptcy. Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted. When you file bankruptcy in Florida you may also use certain federal exemptions in addition to your Florida exemptions.
What are
Bankruptcy
Exemptions
You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed and you’ll be able to keep this exempted property after you file bankruptcy. Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted. When you file bankruptcy in Florida you may also use certain federal exemptions in addition to your Florida exemptions.
The list of exemptions below is an overview and may or may not apply in your case. To find out how the exemptions apply in your specific situation you can schedule a free consultation with Mr. Carratt, bankruptcy attorney at 813-876-3328.
| Real or personal property including mobile or modular home to unlimited value; property cannot exceed ½ acre in municipality or 160 contiguous acres elsewhere; spouse or child or deceased owner may claim homestead exemption, May file homestead declaration, Property held as tenancy by the entirety may be exempt against debts owed by only one spouse. |
Annuity contract proceeds; does not include lottery winnings, Death benefits payable to a specific beneficiary, not the deceased’s estate, Disability or illness benefits, Fraternal benefit society benefits, if received before 10/1/96, Life insurance cash surrender value.
Alimony, child support needed for support, Damages to employees for injuries in hazardous occupations, Pre-need funeral contract deposits, Property of business partnership.
County officers, employees, ERISA-qualified benefits, Firefighters, Highway Patrol Officers, Police Officers, State Officers, Employees, Teachers.
Any personal property to $1,000 (Husband & wife may double), Health aids, Motor vehicle to $1000. If not claiming a homestead exemption, an additional $4000 of personal property maybe claimed. (Husband & wife may double)
Crime victims’ compensation unless seeking to discharge debt for treat of injury incurred during the crime, Hazardous occupation injury recoveries, Public assistance, Social security, Unemployment compensation, Veterans’ benefits, Workers’ compensation.
100 dollars of wages for heads of family up to $500 per week either unpaid or paid and deposited into bank account for up to 6 months, Federal government employees pension payments needed for support and received 3 months prior.
None.
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