How Can A Boca Raton Bankruptcy Attorney Help Me Protect My Stuff?

Bankruptcy documentsMost people do not understand that bankruptcy actually protects their assets. Right now, if you owe money to your creditors, they can sue you and then come after your stuff. Sometimes they can show up in the middle of the night and seize your property.

If bankruptcy is the right option for you, we have lots of opportunities to protect your car, your house and your personal assets. Most people have questions because there are so many rumors about bankruptcy threatening your assets. At Debt Relief Law Florida, an experienced attorney will answer your questions about protecting your assets and guide you to the debt relief and peace of mind you deserve.

The road to debt relief can begin today. Call 561-826-8986 to schedule a free appointment with our Boca Raton bankruptcy lawyer.

Florida Bankruptcy Exemptions

“Exemptions” are part of the magical rules that allow you to protect your property. They are established by Florida and Federal law, and when combined with a variety of bankruptcy tools, they afford the opportunity to keep your creditors away from your stuff.

When you first look at the exemptions, they may seem limited, but the truth is that the vast majority of individuals are able to successfully file a bankruptcy and protect all of their assets. As with most aspects of the law, they do not always mean what you think they do.

Remember, a little planning goes a very long way. Florida bankruptcy exemptions for property and assets in Chapter 7 include the following (note that these are general statements, and we will review these in your debt diagnostic):

  • The wildcard: For many individuals without a homestead to protect — and in some cases, even if you have a homestead — you get an additional $4,000 per person in exemptions beyond what is listed below.
  • Homestead: Wherever you are living, that’s your homestead. Florida law allows you to protect 100 percent of any equity you have in the home where you are living. This includes condos and modular homes.
  • Pensions, 401(k) and retirement assets: Your 401(k) is safe. No one is going to touch your qualified retirement assets.
  • Prepaid college and other accounts: Hurricane savings accounts, medical savings accounts, college education trust deposits and pre-need funeral contract deposits are all protected and not subject to your creditors.
  • Motor vehicles: Florida is relatively stingy on what you can protect; you start with $1,000 in value per person. The good news is that most financed vehicles have very little equity, and leased vehicles have zero value to protect.
  • Other personal property: You have $1,000 per person, which goes a surprisingly long way.
  • You also have a wide range of protections for public benefits, Social Security, alimony, child support, disability and insurance. All of these will be discussed in your free debt diagnostic.

Remember, in a Chapter 13 bankruptcy or wage earner plan, we get to add these exemptions to your plan and protect even more of your stuff!

Chapter 13 Bankruptcy Lawyer Boca Raton

Contact us today to learn more about how our law firm can help you protect your assets as you pursue your debt relief options. Your appointment and debt diagnostic will be free of charge.

In addition to our many services, we are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.