Florida is a state with its own unique set of bankruptcy exemptions. These are designed to let you create a workable payment plan. They can also help you keep as much of your property as possible. These are exemptions that you are expected to make use of if you file for any type of bankruptcy in Florida. They are very well worth getting to know.
A homestead exemption lets you exempt your equity
One of the most commonly accessed exemptions under bankruptcy law in Florida is the homestead exemption. This will let you exempt the equity that you have built up in your home. The homestead exemption applies to homes on properties of a half-acre or less in a municipal area. It also covers homes on properties of 160 acres or less in any other type of location.
In order to take advantage of this type of exemption, you need to have owned the home for at least 1,215 days before filing. This is a time of roughly three years and four months. If you have not owned the home for this amount of time, you can still make use of an exemption. However, it must be a federal exemption different from the one in Florida.
You can file for a personal property exemption
Whether you file for a Chapter 7 or Chapter 11 bankruptcy, you’re going to want to keep as much of your property as possible. This includes items such as art, electronics, and furniture.
You can take advantage of exemption laws to include personal property up to a level of $1,000. This amount can be increased to $4,000 if you do not use the homestead exemption. This exemption can also tax credits and refunds as well as health, education, and hurricane season savings.