What Assets Can I Keep When I File Bankruptcy?

Many people are afraid to file bankruptcy because they are afraid they will be left with nothing. In reality, Florida's bankruptcy laws are generous and allow you to keep many of the assets you own, including equity in your home. The purpose of bankruptcy is to help you get a fresh financial start, not leave you destitute.

At Damore, Delgado & Romanik , our attorneys offer a free initial consultation to explain how bankruptcy works. Call 386-492-8694 today to speak with a lawyer. We have law offices in Daytona Beach, DeLand and Altamonte Springs.

What Are Bankruptcy Exemptions?

Bankruptcy exemptions mean that certain of your assets cannot be taken by your creditors to pay your debt. In Florida, the following property is exempt:

  • Unlimited equity in your homestead, as long as it is not larger than half an acre in a municipality or 160 acres outside of a municipality
  • Personal property valued up to $1,000 (or up to $4,000 if you do not use the homestead exemption)
  • Education, health and hurricane savings
  • Medical saving accounts
  • A vehicle worth $1,000
  • Wages already paid to you, up to $750 per week during the last six months
  • Alimony and child support
  • Pension plans
  • Individual Retirement Arrangement (IRA) and Roth accounts up to $1,171,650

This list is not exhaustive. Most people who file Chapter 7 bankruptcy do not lose any of their assets. To find out if property you own would be protected when you file bankruptcy, call today or complete our simple contact form to schedule a free consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.