Specifics of Chapter 7 Bankruptcy Exemptions

Filing for Chapter 7 bankruptcy protection can be intimidating. The process can be overwhelming and a filer is likely to experience a broad range of emotions. One source of anxiety for many debtors considering bankruptcy is a lack of certainty regarding what personal property they may be required to surrender or sell. Fortunately, through the use of applicable bankruptcy exemptions, many of these worries may be laid to rest.

If you are thinking about filing for bankruptcy, you need professionals who have the experience, knowledge and patience to help you through the drawn-out, confusing and emotional process of filing for bankruptcy. To discuss your situation with a committed advocate, contact the West Palm Beach bankruptcy attorneys of Eric N. Klein & Associates, P.A., at 561-353-2800.

What Exactly Can You Exempt?

Knowing exactly what personal property you can exempt and the exact exemptible values when filing for Chapter 7 bankruptcy in Florida can bring a measure of peace during this turbulent time. Certain personal items, such as the ones below, may be exemptible.

• Home – personal and real property of unlimited value; property must be less than half an acre of a municipality and no more than 160 acres somewhere else
• Pensions – firefighters, police officers, teachers, county and state officers/employees and ERISA benefits
• Personal property – Must be a total value of $1000 or less; can exempt up to $1000 worth of a motor vehicle
• Benefits –Social Security, compensation for victims of crime, worker’s compensation, unemployment and veteran’s pay and benefits

Being able to keep those items that have great value to you can ease some of the worry and burden that comes with declaring bankruptcy.

Contact Us

There are many facets to filing for Chapter 7 bankruptcy and the West Palm Beach bankruptcy attorneys at Eric N. Klein & Associates, P.A., can help you make sense of all the pieces. Contact us today at 561-353-2800 to speak with a qualified lawyer who can guide you throughout the bankruptcy process.