Non-exempt Property and my Florida Bankruptcy
Exemptions are considered in both bankruptcy consumer chapters, but non-exempt property in a Chapter 7 is liquidated and distributed to the debtor's unsecured creditors. A debtor has allowed exemptions in Florida. Each state's allowance may be different.
If a Florida debtor has property over the exemption amount allowed, then the Trustee may liquidate that property, allow the debtor to buyback the equity in the property, or if the property has no value, do nothing. If the debtor is able to buy back the equity in the property, he or she will have no longer than 12 months to pay it off to the Trustee.
Should you have questions, you should contact an experienced bankruptcy attorney to discuss Florida's exemption allowances.
If you have questions about Florida Foreclosures or Bankruptcy Law contact a Florida Attorney
Greg Gilbert
Keith Maynard
