Bankruptcy Exemption Planning in Fort Lauderdale
When you file for
bankruptcy, you are technically required to sell your property/assets in order to pay off your creditors as much as you can. However, in Florida and throughout the United States, there are exemptions to this law that allow you to keep your assets. Many people worry that if they declare bankruptcy, they will be required to sell everything they own. This is not the case at all. In fact, most people who file bankruptcy are allowed to retain most, if not all, of their property.
If you are considering declaring bankruptcy due to the amount of unpaid bills and harassing creditors that you are facing, you should speak with a bankruptcy lawyer at Tiller Law in order to
determine your financial situation. If you qualify for either
Chapter 7 or
Chapter 13 bankruptcy, you can begin the process and start down the road to debt-relief with the help of your attorney.
What are some of the different types of exemptions?
Florida has some of the most encompassing bankruptcy exemptions in the country. Therefore, it benefits you further to meet with a qualified legal professional to ensure that you are fully aware of the exemptions that you could benefit from.
Some of these include:
- Homestead (up to .5 acres in a city or 160 acres elsewhere)
- Personal property such as income tax refund, car (up to $1000), health aids
- Public benefits such as social security, workers’ comp and unemployment
- Personal property (up to a certain limit)
- Wages (up to a certain limit)
Bankruptcy exemptions can often be stacked and combined in order to exempt all of an asset even if over the amount specified for a particular asset so please contact an attorney to review your assets in detail.
As you can see, declaring bankruptcy doesn’t have to be a terrifying possibility. Yes, you will have the record of the declaration on your credit report. However, you would receive some of the same penalties if you still have such high debts, some of which in collections or otherwise in unfavorable states.
With the help of a competent Florida bankruptcy lawyer at Tiller Law, you can learn about all the exemptions that you qualify for as a Florida resident and you can proceed with your bankruptcy declaration.
Contact a Fort Lauderdale Bankruptcy Attorney at Tiller Law
today to discuss your financial situation in Florida.