Chapter 7 Bankruptcy Exemptions in Florida
Many people who could seriously benefit from Chapter 7 bankruptcy are afraid to file for it, since they aren’t sure what property is exempt and what isn’t. As a liquidation bankruptcy, Chapter 7 involves the confiscation and sale of your property in order to repay your creditors. However, state governments offer protection for certain items, which are called “exempt” items. That is, these items will not be liquidated for sale.
If you are interested in learning more about the particulars of exempt and non-exempt property or need assistance with your bankruptcy filing, contact the West Palm Beach bankruptcy attorneys of Eric N. Klein & Associates, P.A., by calling 561-353-2800 today.
Chapter 7 Bankruptcy Property Exemptions
In Florida, the following items are exempt from liquidation:
- Your primary automobile, up to a certain value
- Part of the equity in your primary home
- Necessary clothing and household goods
- Appliances
- Jewelry, to a certain value
- Your pension
- Tools necessary for your job
- Benefits, such as welfare, social security, etc
- Personal injury damages
- Part of earned but as-yet unpaid wages
Non-Exempt Property
However, the following items are non-exempt under Florida law:
- Family heirlooms
- Collections, such as coins, stamps, guns, instruments (unless you are a professional musician), etc.
- Additional vehicles
- Additional homes, such as vacation properties
- Investments such as bank accounts, stocks, bonds, or cash
Contact Us
If you are considering filing for bankruptcy, it is important to know what you’re up against. If you have any questions about what you can keep during your filing for Chapter 7 bankruptcy, contact the West Palm Beach bankruptcy lawyers of Eric N. Klein & Associates, P.A., by calling 561-353-2800.
