What are the Florida Bankruptcy Exemptions?
When it comes to filing for bankruptcy, many people in Florida are unaware of the state’s specific exemptions. Knowing the available exemptions is important in order to properly prepare for a bankruptcy case, as certain assets may be exempt from creditors or subject to liquidation under law. Here we will discuss what types of assets may be exempted during bankruptcy proceedings in Florida and how they can help you protect your property rights.
Florida statutes provide a variety of different exemptions that may be used when filing for bankruptcy, including homestead exemption of up to $150,000 per person, motor vehicles up to $1,000 value per vehicle, personal items such as clothing and jewelry up to $1000 total value and other miscellaneous items such as tools of trade or an education fund.
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