Many people are afraid to file bankruptcy because they are afraid they will lose their property. In reality, the majority of people who file bankruptcy don’t lose any property due to bankruptcy exemptions.
At FurrCohen, P.A., in Boca Raton, our lawyers are dedicated to helping you discharge your debt while protecting the assets you want to keep.
What Are Bankruptcy Exemptions?
The goal of bankruptcy is to help people get a fresh financial start. Bankruptcy exemptions ensure that you won’t have to start with nothing.
When you file Chapter 7 bankruptcy, the bankruptcy trustee can take assets that you own and sell them to pay your debts. However, certain assets are exempt, meaning the bankruptcy trustee cannot take them. Some of the most common exemptions in Florida include:
Unlimited value in your homestead
Personal property up to $1,000 (if you don’t use the homestead exemption, you can claim up to $4,000 of personal property)
Savings accounts for medical care, education and hurricane damage
Health aids prescribed by a doctor
A motor vehicle worth up to $1,000 if you are single ($2,000 if you are married)
Wages of up to $750 a week for the past six months
All funds in ERISA-qualified retirement plans and pensions
Up to $1,171,650 in an IRA or Roth IRA
County, state and federal retirement benefits
Disability income benefits
Alimony and child support
Life insurance policies
Personal injury and wrongful death awards
You should never try to hide or transfer assets, as you could be charged with bankruptcy fraud. Our attorneys can only help you protect your assets if you provide us with full disclosure of what you own.
For more information about bankruptcy exemptions, please contact our Boca Raton, Fl office to speak with our bankruptcy lawyers, call 561-395-0500 or contact us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Contact Our Boca Raton Bankruptcy And Family Law Attorneys
If you want to learn more about how to resolve your difficult debt situation or family law matter, turn to the highly skilled and experienced attorneys at FurrCohen, P.A. Our firm is committed to helping people move forward with their lives without the burden of overwhelming debt. To schedule an initial consultation with one of our lawyers, call 561-395-0500 or contact us online.