Dealing with bankruptcy can be a stressful, trying situation. It can bring unneeded stress on you and your loved ones. If you are considering claiming bankruptcy, you should learn more about how to claim Florida bankruptcy exemptions.
Each U.S. state has specified certain property which you decide to protect from debt collectors. The assets that are “protected” vary from location to location as does the length and extent of protection. Many of the exceptions, for example, are not automatic and need to be claimed before they go in affect.
How Do I Know If I’m Eligible for Florida Bankruptcy Exemptions?
Great question. You are eligible to claim exemptions in Florida if you have been living in Florida for two years immediately preceding your bankruptcy filing. However, if Florida wasn’t your primary home for the whole two years you can still be eligible to claim examptions if your domiciled in Florida for 180 days immediately preceding the two year period.
What Sorts of Property Can be Protected from Florida Creditors?
- Motor vehicles
- Personal property
- Earnings of the household
- Pensions and retirement plans
- Payments under an annuity contract
- Health savings and medial savings account
- Earned income tax credit
- Disability insurance benfits
- Plus many more
Tools of the Trade Exemptions in Florida
There are currently tools of the trade exemptions in Florida; however, some of these items may fit within the personal property, car or wild card exemptions. Depending on your personal situation, you my need to have a plan in place to repurchase these tools from the Chapter 7 bankruptcy trustee.
To learn more about how to claim Florida Bankruptcy Exemptions, contact the experienced bankruptcy attorneys at Berkowitz Law Group. We have experienced and skills staff waiting to help you. Contact us for a free consultation at 727-344-0123. We look forward to hearing from you.