Florida Bankruptcy Exemptions Explained
Are you considering filing for bankruptcy in Florida? It’s important to understand the various exemptions available to help protect your assets. The following paragraphs provide an overview of Florida bankruptcy exemptions and explain how they can help you keep your personal property if you file for Chapter 7 or Chapter 13.
When filing for bankruptcy, most states allow debtors to exempt certain amounts of their assets from creditors. Different types of exemption laws exist in each state, with some allowing federal exemptions and some offering only state-based options. In Florida, debtors may choose between the two types – either federal or state exemptions can be used when filing a bankruptcy claim.
The majority of states have adopted the Federal Bankruptcy Code as its own; however, Florida has opted out and created its own set of law (known as The Sunshine State Exemption System).
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