Posted On: May 14, 2010
Jacksonville Bankruptcy Lawyer Explains Florida Bankruptcy Exemptions
Under Florida bankruptcy law, there are certain assets that a debtor can keep. These assets are known as exempt – or excluded – property, and are determined based upon a debtor’s personal income and circumstances.Qualifying exemptions for Florida include:
Homestead – real or personal property including a primary residence, mobile home, modular home or condominium.
Personal Property – includes a motor vehicle to $1,000, any personal property to $1,000 ($2,000 for married couple), federal income tax refunds or tax credits, health aids, prepaid medical savings account deposits, prepaid college education trust deposits and prepaid hurricane savings accounts.
Pensions – includes tax-exempt retirement accounts, tradition and ROTH IRAs to $1 million per person, public benefits, veterans’ benefits, workers’ compensation and more.
Wages – includes all wages for heads of family up to $500 per week, deposited into a bank account for up to six months.
Insurance – includes disability or illness benefits, death benefits payable to a designated beneficiary, life insurance cash surrender value, annuities and fraternal society benefits.
To fully understand what you may or may not be able to keep if you file Chapter 7 or Chapter 13 bankruptcy in Florida, contact our Jacksonville, Florida bankruptcy law firm.
Greg Gilbert
Keith Maynard
