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What Can I Keep After My Bankruptcy – Exemption Laws | West Palm Beach

Craig Kelley | 682 Views | 02/24/2015

Bankruptcy Exemption Laws in Florida

That is a very common question. Everybody wants to know what they’re going to be able to keep in bankruptcy. I like to describe it as though everything you own goes into a pot of gold, and that pot of gold is owned by the bankruptcy court.

However, there’s exemptions under Florida law and under bankruptcy law that lets you pull gold out of the pot and keep it. We discuss all of those exemption laws with our clients and let them know exactly what they get to keep, such as houses.

Exemptions

Houses have a homestead exemption in the state of Florida, which protects the equity in the homes. Cars have an exemption on part of the equity in the car. Personal property has an exemption. There’s also exemptions for retirement funds, and we discuss those specifically with each person in the free initial consultation.

By: Craig Kelley

What Can I Keep After My Bankruptcy – Exemption Laws | West Palm Beach

Bankruptcy Exemption Laws in Florida

That is a very common question. Everybody wants to know what they’re going to be able to keep in bankruptcy. I like to describe it as though everything you own goes into a pot of gold, and that pot of gold is owned by the bankruptcy court.

However, there’s exemptions under Florida law and under bankruptcy law that lets you pull gold out of the pot and keep it. We discuss all of those exemption laws with our clients and let them know exactly what they get to keep, such as houses.

Exemptions

Houses have a homestead exemption in the state of Florida, which protects the equity in the homes. Cars have an exemption on part of the equity in the car. Personal property has an exemption. There’s also exemptions for retirement funds, and we discuss those specifically with each person in the free initial consultation.

By: Craig Kelley