MARTIN AND ST. LUCIE COUNTY CHAPTER 7 BANKRUPTCY LAWYERS

The bankruptcy attorneys of Treasure Coast Legal, located in Fort Pierce and Stuart, have successfully filed and processed hundreds of Chapter 7 bankruptcies for our Florida clients. If you are contemplating Chapter 7 bankruptcy, you have probably already considered the fact that you will not be able to keep all of your property. Under Florida law, however, there is a substantial list of items that are exempt from the bankruptcy process, including equity in your homestead, cars, and pensions. If you are unable to meet your financial obligations and wish to learn more about asset exemptions in Chapter 7, contact our lawyers at our Stuart or Fort Pierce law offices.

Exempt Assets Under Chapter 7 in the State of Florida

While Chapter 7 is part of the U.S. Bankruptcy Code, the state of Florida determines which assets are considered exempt. This varies from state to state, and the assets that are exempt often depend on how long you have been domiciled in each respective jurisdiction.

If you have been domiciled in Florida for 730 days (two years) prior to filing, Florida's exemptions apply. These include:

• The homestead exemption – an unlimited amount of equity in your home
• Up to $1,000 in personal property
• Up to $1,000 in motor vehicle equity
• If you do not use the homestead exemption, you can exempt up to $4,000 in personal property under the "wild card" exemption
• Veterans' Benefits
• Social Security Benefits
• Over $1,000,000 for IRAs and Roth IRAs
• Most government employment pensions
• Alimony and child support payments

It's important to note that if you have not resided in Florida for 730 days, you will have to use the exemptions of the state where you previously lived. You do not, however, have to return to that state to file for Chapter 7 bankruptcy.

Professional Credit Counseling and Bankruptcy Lawyers

Many of our clients are surprised when they learn that, even though they intend to declare Chapter 7, they may be able to keep their home, a car, and some of their personal property. If you have concerns about how Chapter 7 bankruptcy is likely to impact your life, contact our Fort Pierce or Stuart law offices. To schedule an appointment with a Treasure Coast Legal attorney, call 772-621-2898.