Bankruptcy Exemptions Protect Important Assets From Creditors
One reason many people are so scared of filing for bankruptcy is the prospect of losing everything. It is unfortunate that such a myth has taken hold. The Bankruptcy Code protects certain assets, and you may be able to exempt others. If you visit us at Blanton Law, P.A., we can help you understand what you can protect and ease your fears about the process.
The most important thing to remember if you want to save certain assets when filing is to be completely honest with your attorney when listing your assets and debts. You cannot hold onto a credit card, pay a creditor on the side or transfer assets to a friend. We can amend your exemptions for you, but you must be truthful about what you have and what you owe to make the process as easy as possible.
Bradenton Bankruptcy Lawyer Protecting Your Homestead Exemption
Assets that your bankruptcy trustee cannot touch include:
- Retirement accounts
- Social Security
- Workers’ compensation benefits
- Pension benefits
- Wages, sometimes 100 percent of your earnings
- Prepaid college plans
- Life insurance policies
Florida bankruptcy law has a homestead exemption, which allows you to claim your home as an exempt asset. Many times, discharging your other debts in bankruptcy will allow you to get up to date on your mortgage payments. Additionally, Florida law allows you to protect up to $1,000 in equity in your car. You may also be able to use other personal property exemptions to hold onto your car. This is one reason why it is important to hire an attorney instead of going through the bankruptcy process alone.
Do Not Assume That An Asset Is Exempt Or Not Exempt. Call Our Office.
Contact us at one of our offices in either Venice or Bradenton to schedule a free consultation. We can answer all of your questions about which assets will be safe in your bankruptcy filing. Call 941-584-4263 or 888-610-0968 to make an appointment.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.