Archive for August, 2011

Florida Chapter 7 Bankruptcy Exemptions

Monday, August 1st, 2011

Florida Chapter 7 Bankruptcy Exemptions

Exemptions outline the property which is fully protected from sale during
your case, and Florida has some of the strongest home protections in the
country.

The following information provides a simple introduction to Florida Chapter 7 exemptions.
For more in-depth information and advice, get in touch with a Florida Chapter 7
bankruptcy lawyer.

As your Florida Chapter 7 bankruptcy lawyer can explain to you in more
detail, important Chapter 7 bankruptcy exemptions in the state include:

Homestead:

  • If located outside a municipality: 160 acres of land and improvements.
  • If located inside a municipality: .5 acre of land and improvements.
  • 100 percent exemption for leased dwelling place, including mobile homes.

Wages: All disposable earnings of a head-of-family earning
less than $750 per week are exempt. Disposable earnings above $750 per week may
only be garnished if you agree to such in writing. Garnishment for any family
member may not exceed standards set by Consumer Credit Protection Act.

Vehicles: $1,000 for one vehicle.

Personal Property:

  • $1,000 for all personal property.
  • Any hearing aids.
  • You may receive an additional $4,000 exemption if you do not receive the
    benefit of the homestead exemption.