What do I get to keep?

In Florida your homestead is exempt (subject to few restrictions), IRAs and 401ks, cash value of life insurance, the Wages of the Head of the Household, $1000 in personal property and $1000.00 equity in an automobile. Additionally, those who do not own and home or claim a homestead exemption are entitled to an extra $4,000 … Continue reading “What do I get to keep?”

What does exempt mean?

Exempt means the asset is protected and will not be sold to pay your creditors. If you are considering filing for bankruptcy, I suggest consulting with an experienced bankruptcy attorney.

Can chapter 13 lower my car payments?

Transcripts A Chapter 13 can be used to lower your car payment. The principal amount of the loan can be reduced to the current market value of the car and interest rates, which sometimes are as high as eighteen to twenty percent for people with bad credit, can be reduced to five or six percent.

What are Bankruptcy Exemptions?

Transcripts   Exemptions are assets that are protected in a Chapter 7 bankruptcy. Exempt assets can’t be sold by the trustee for the benefit of your creditors.

Will I lose my house if I file a Chapter 7 in Florida?

 Transcript   Florida has a homestead exemption which means 100% of the equity in your house is protected from your creditors or a federal bankruptcy trustee. The rule does not apply to secured creditors such as mortgage or an association.