Life After Bankruptcy
The state of Florida allows people filing Chapter 7 bankruptcy to keep some personal property. The lawyers at the Miami law firm, Ferrer Shane, PL, provide clients with information about possessions that are exempt from the bankruptcy process.
Contact one of our attorneys to learn what you may be able to keep after filing for bankruptcy protection. We help clients understand exemptions such as these:
- House, if your mortgage is current.
- IRAs, public retirement accounts and insurance proceeds
- Cars, if equity amount does not exceed $1000
- $1000 in personal property and bank accounts
- Health aids, such as durable medical equipment (walkers, wheelchairs)
- Unemployment and worker's compensation insurance payments
- Business property
- Pre-need funeral contract deposits
- Crime victims' compensation
- Hazardous occupation injury recoveries or other personal injury damages
- Veteran's benefits
- Needed clothing
- Wages up to a pre-determined amount
What Property Will I Lose?
The court will probably sell some or all of your non-exempt property to pay unsecured creditors. Bankruptcy trustees are most likely to sell non-essential items, such as high end electronics and appliances, boats and other recreational equipment, furs, expensive clothing, jewelry and non-essential furniture. Other non-exempt items may include musical instruments, collections of stamps, coins, antiques or rare books, second cars and vacation homes.
Other Questions About Life After Bankruptcy
Relinquishing a sizeable amount of your personal property is not easy. However, there is life after bankruptcy. The system gives you tools to help you rebuild, including required credit counseling and financial management workshops. And our lawyers can refer you to other sources of assistance.
Learn More About Property and Bankruptcy
Contact a South Florida lawyer to learn more about exempt and non-exempt property in a Florida Chapter 7 bankruptcy. Call Ferrer Shane, PL, at 305-262-2728.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
