3 Bankruptcy Exemptions You Should Know
Also referred to as liquidation bankruptcy, Chapter 7 bankruptcy is one of the most popular options for a person with large amounts of debt. It allows individuals who are facing serious and overwhelming financial difficulties to liquidate some of their assets to repay creditors and escape debt. While some people believe that they will lose all of their personal property to liquidation, you can actually exempt a large portion of your assets when filing for bankruptcy.
If you are facing bankruptcy, it is important that you understand how exemptions work and also what property you can exempt. You need to speak with a qualified legal representative today to discuss your legal options. Contact a West Palm Beach bankruptcy attorney of Eric N. Klein & Associates, P.A., today at 561-353-2800 for help with your situation.
Important Bankruptcy Exemptions
Florida bankruptcy law lets people exempt a large amount of personal property during Chapter 7 bankruptcy. Three exemptions you need to make sure you understand are:
- Homestead Exemption – Florida bankruptcy law lets you exempt personal property of unlimited value as long as it does not exceed half an acre in a municipality or 160 acres anywhere else.
- Wages – the primary financial provider of a family can exempt all of his or her earnings up to $750 a week.
- Insurance – this includes death benefits, annuity contract proceeds, disability benefits, and some fraternal society benefits.
When you are facing bankruptcy, it is important to enlist the services of a knowledgeable bankruptcy lawyer who can help you file for these exemptions.
Contact Us
If you file for bankruptcy, exemptions can be important for helping you keep as much property as possible. Make sure you get all the benefits you need by calling a West Palm Beach bankruptcy attorney of Eric N. Klein & Associates, P.A., today at 561-353-2800 and scheduling a confidential consultation.
