If a person files for Chapter 7 bankruptcy in Florida, then they can use the Florida exemptions to keep some or all of the owned property, and if an individual files for Chapter 13 bankruptcy in Florida, then it affects the amount which the individual has to pay back to the creditors through the Chapter 13 plan.
States decide whether their residents can use federal bankruptcy exemptions or not and the States don't give permission to the residents to use them. Florida only permits its residents to use the Florida exemptions in bankruptcy.
Before filing for Bankruptcy in Florida, a person needs to be domiciled there for a minimum of 730 days if they want to use Florida's exemptions. If the individual was not living in any one state in the 2 years before they filed for bankruptcy, the state exemptions they can use are decided according to where they lived for most of the 180 day time period of the 2 years before they filed for bankruptcy.
Homestead exemptions in Florida allow a person to exempt an unlimited amount of value in their home or any other property which is covered by the homestead exemption but there is a compulsion that the property should be less than half an acre in a municipality or 160 acres at any other location.
The other important thing about Homestead exemptions which a person should know of is the time period of ownership which is needed, which should be minimum 1,215 days before the bankruptcy filing. If this requirement is not met or if the person is not the owner of the property for the given time, then their homestead exemption is limited to $146,450.
Salary of the head of family is fully exempt up to the amount of $750 per week; this is for paid and unpaid salary and includes that deposited in a bank account in the time period of last 6 months. Federal government employees' pension payments are exempt that are required for support and were obtained up to 3 months before the bankruptcy filing.
In Florida, the personal property exemptions include personal property of the person up to the amount of $1,000. Other than that, it includes the savings done for education and health. Prescribed health assistance, prepaid medical savings account and health savings account deposits are also included in it.
A person can exempt up to $1,000 in motor vehicle equity under the motor vehicle exemption.
The wild card exemption in Florida can be of great assistance if one or more of the other exemptions are not enough for protecting the equity. A debtor can claim up to the amount of $4,000 of personal property as exempt if they do not use the homestead exemption. A person can split their wild card exemption amount over more than one item for protection.
Damages or losses faced by employees for injuries or death that happened in hazardous occupations are exempt.
For those who need information of pension exemptions in Florida, the below mentioned pensions are exempt:
• ERISA qualified retirement plans and pensions
• Profit sharing and money purchase plans
• SEP and SIMPLE IRA's
• IRA's and Roth IRA's are exempt up to $1,171,650
• Benefits payable under the Florida Retirement System
• State and County officers and employees retirement system benefits
• Firefighter pensions
• Municipal police pensions
• Teachers' retirement benefits
The public benefits exemption in Florida include the following:
• Veteran's benefits
• Social security benefits
• Re-employment assistance
• Local public assistance
• Workers compensation benefits
• Crime victims' compensation benefits
Whatever your case, get in touch with a bankruptcy attorney in Clermont, Florida, to get answers to your questions.
Article Source: http://www.abcarticledirectory.com
Attorney Michael E. Golub provides legal counsel to central Florida clients in the areas of Bankruptcy, family law, Child Custody and criminal defense.
Still Searching? Last Chance to find what you're looking for with a Google Custom Search!
Or.... You can search this site using our Bing Custom Search!
Did You Like/Dislike This Article? Give It YOUR Rating!
Please Rate this Article
5 out of 54 out of 53 out of 52 out of 51 out of 5
No Ratings Yet. Be The First To Rate This Article
Powered by ABC Article Directory