Florida Bankruptcy Exemptions - Will I lose everything if I file for bankruptcy? What assets you get to keep

Call Loan Lawyer, LLC today for your free bankruptcy consultation. Call 24/7 at 1-888-FIGHT-13. Learn about what exemptions may apply to you.

Will I lose everything? What assets do I get to keep? A Florida Bankruptcy attorney can give you specific advise for your situation. We offer free bankruptcy consultations with a lawyer in South Florida with offices in Broward, Miami-Dade, and Palm Beach.

People considering filing bankruptcy always ask two question of a bankruptcy lawyer. Will I lose everything if I file bankruptcy and what assets do I get to keep? Bankruptcy is a way of getting a fresh start. If the bankruptcy court took everything from you, it would be tough to get a fresh start when you have nothing left. Therefore, Florida law allows you to exempt, or keep, some of your assets when you file for bankruptcy protection. Our bankruptcy attorneys will advise you in Broward, Miami-Dade, or Palm Beach which bankruptcy exemptions apply to you. Although bankruptcy is a Federal remedy and is filed in the United States District Court, the bankruptcy code allows individual states to determine which exemptions debtors may file. Exemptions are claims that you make that certain property is exempt from the bankruptcy estate. In other words, these are the items that you get to keep when filing bankruptcy. We have compiled a list for you below on most Florida exemptions.

So the answer to the question is that you will not lose everything and you may be surprised on how much you get to keep, including 401(k)s and IRA's! Call Loan Lawyers to schedule your free consultation with a bankruptcy attorney in North Miami Beach, Coral Gables, Fort Lauderdale / Plantation, or Delray Beach.

Primary residence / Homestead	Real 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.	222.01, 222.02, 222.03, 222.05, Constitution Article 10, Section4 222.01 In re Avins, 19 B.R. 736 (S.D. Fla. 1982)
Insurance	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	222.14; In re Pizzi, 153 B.R. 357 (S.D. Fla. 1982) 222.13 222.18 632.619 222.14
Miscellaneous	Alimony, child support needed for support Damages to employees for injuries in hazardous occupations Pre-need funeral contract deposits Property of business partnership	222.201 769.05 497.413(8) 620.68
Pensions see also wages	County officers, employees ERISA-qualified benefits Firefighters Highway patrol officers Police officers State officers, employees Teachers	122.15 222.21(2) 175.241 321.22 185.25 121.131 238.15
Personal property	Any personal property to $1,000 (Husband & wife may double) Health aids Motor vehicle to $1000	Constitution 10-4; In re Hawkins, 51 B.R. 348 (S.D. Fla. 1985) 222.25 222.25
Public benefits	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	960.14 769.05 222.201 222.201 222.201, 443.051(2), (3) 222.201, 744.626 440.22
Wages	$100 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.	222.11 222.21

Primary residence / Homestead

Real 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.

222.01, 222.02, 222.03, 222.05, Constitution Article 10, Section4

222.01 In re Avins, 19 B.R. 736 (S.D. Fla. 1982)

Insurance

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

222.14; In re Pizzi, 153 B.R. 357 (S.D. Fla. 1982) 222.13

222.18 632.619 222.14

Miscellaneous

Alimony, child support needed for support

Damages to employees for injuries in hazardous occupations

Pre-need funeral contract deposits

Property of business partnership

222.201 769.05 497.413(8) 620.68

Pensions

Personal property

Any personal property to $1,000 (Husband & wife may double)

Health aids

Motor vehicle to $1000

Constitution 10-4; In re Hawkins, 51 B.R. 348 (S.D. Fla. 1985) 222.25

222.25

Public benefits

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

960.14 769.05 222.201

222.201 222.201, 443.051(2), (3) 222.201, 744.626 440.22

Wages

$100 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.

222.11 222.21

Bankruptcy lawyers available in Broward, Miami-Dade, and Palm Beach

Call Loan Lawyers today for your free consultation with one of our bankruptcy attorneys so that we can discuss which exemptions apply to you and how you can maximize the number and value of the assets you get to exempt, or keep, in a bankruptcy. Schedule your free consultations with a bankruptcy lawyer in Miami-Dade (North Miami Beach, Coral Gables), Broward (Fort Lauderdale / Plantation), or Palm Beach (Delray Beach).