Miami Bankruptcy Exemption Lawyer

Serving Clients Throughout South Florida

If you are contemplating filing for bankruptcy, you may be worried about losing some or all of your property during the process. The good news is that thanks to Florida's bankruptcy exemptions, many bankruptcy filers do not give up anything in the process.

At Orshan, P.A., our Miami bankruptcy attorneys have 25 years of experience helping people throughout South Florida file for bankruptcy and we can explain Florida's bankruptcy exemptions and answer all of your questions. We believe it is important to seek debt healing advice from a reputable law firm, and with Attorney Orshan being named as one of the Best Lawyers in America (2012 & 2013), and as a Top Lawyer in Florida in Bankruptcy Law (2012), you can be confident that your case is in very good hands!

Understanding Florida's Bankruptcy Exemptions

Bankruptcy "exemptions" refers to certain property owned by the debtor that the Bankruptcy Code or applicable state law allow the debtor to keep from unsecured creditors. Some states allow debtors to choose between the federal and state bankruptcy exemptions, but in Florida debtors do not have that choice, they must use the Florida exemptions in bankruptcy.

Florida's bankruptcy exemptions are favorable to Florida residents, and include unlimited exemptions for the homestead, as well as the cash surrender value of a life insurance policy.

Examples of Florida's Bankruptcy Exemptions

  • Personal property (e.g. furniture, art, and electronics) – up to $1,000
  • Prepaid health or medical savings accounts
  • Hurricane savings accounts
  • Moneys paid into a qualified tuition program
  • Prescribed health aids
  • Motor vehicle exemption – up to $1,000 for an individual, more if filing married or jointly
  • Wages for the head of household are exempt up to $750 per week
  • IRAs and Roth IRAs are exempt up to $1,171.650
  • Firefighter and municipal police pensions
  • Teachers' retirement benefits
  • Retirement benefits for state and county officers and employees
  • Workers' compensation benefits
  • Alimony and child support to the extent that are necessary for the support of the debtor and any dependents of the debtor
  • Florida wildcard exemption – the debtor may claim up to $4,000 of personal property as exempt if the debtor does not use the homestead exemption

Contact a Skilled Bankruptcy Attorney

To learn more about Florida's bankruptcy exemptions and to have all of your questions answered by a friendly and knowledgeable Miami bankruptcy lawyer, please give our firm a call today. We would be happy to give you all of the information you need to proceed forward in the right direction. Our Bankruptcy firm is conveniently located in Miami.

We warmly offer free case evaluations to all prospective clients, this way you can get your questions answered without any financial obligation on your part.

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