CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Florida Bankruptcy: Personal Assets Can Be Saved

When personal property is at stake, there are items that can be excluded from seizure. Those who own a business are allowed to figure out what the fair market value is for items during bankruptcy. Florida business owners must claim their exemptions in order to protect their rights, otherwise, the property may be considered non exempt. There are certain properties that fall under exempt.

Exempt residence includes property that is used as a residence, such as a house or land. Other residences include, burial plots and mobile homes. Certain items inside the home are also exempt, including furniture, appliances and books. Also exempt is financial support awarded from a divorce, such alimony and child support payments. Personal injury compensation is also protected under the exemption.

If any type of government entity is staking their claim, then it is not exempt. It’s important for business owners to safeguard their exemption rights. This can be done by alerting the Clerk of Court in the event of an address change after a judgment has been issued. It is vital for business owners to get legal advice if they believe that their personal assets are at risk of being seized.

Filing for personal bankruptcy in Florida can help alleviate debt from an individual as well as a business. There are steps a business owner can take to ensure their personal property is protected against seizure from creditors. When in doubt, a financial adviser or legal representative may be able to go over all of your options and plan to responsibly confront unmanageable debt in a manner that also protects personal assets.

Source: sacbee.com, Protect Personal Property When Owing Business Debt, No author, Aug. 27, 2013

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Are Medical Issues Forcing You Into Bankruptcy?

Many Americans wind up in debt because of medical bills. One of the most common reasons for filing bankruptcy in...
Read More

Law Offices of Robert M. Geller, P.A. Congratulates Danielle Austin For Receiving the Patriot Award from the United States Department of Defense

Award Recognizes Support of Guard and Reserve Members Who Work for the Organization Tampa, Florida, June 29, 2021 – The...
Read More

Is Your 401k or Other Retirement Savings at Risk in Bankruptcy’s Liquidation of Assets?

If you’ve spent years saving for retirement, putting that money at risk when you file for bankruptcy is likely one...
Read More

Tips to Help You Protect Your Assets When You File for Bankruptcy

One of the most intimidating aspects of filing for bankruptcy is protecting your assets. Worrying about whether bankruptcy puts their...
Read More

How Does Bankruptcy Affect Vehicle Ownership? What Assets Can You Keep through the Bankruptcy Process and Does It Affect Your Car?

Many people struggling financially avoid filing for bankruptcy because of concerns about losing important assets like their vehicles. The good...
Read More

Is There a Legal Way to Hide Assets When You File for Bankruptcy?

Filing for bankruptcy can be an overwhelming experience. The relief you receive when you file helps you feel better about...
Read More

Do Bankruptcy Trustees Take Your Savings? What is Considered an Asset in Bankruptcy and How Does It Affect the Money You’ve Saved?

Bankruptcy trustees gain access to a variety of your assets when you file. But what is considered an asset in...
Read More

Can Filing for Bankruptcy Help You Protect Your House?

fiHow filing for bankruptcy affects your home is one of the greatest concerns people have when they consult with bankruptcy...
Read More

Should I Refinance a Student Loan I Can’t Discharge in Bankruptcy?

Student loan debt is overwhelming many people. Could refinancing be the answer to help you avoid bankruptcy if your student...
Read More

Can Student Loan Consolidation Help You Avoid Bankruptcy?

One of the most common questions people have when they consider bankruptcy is “can student debt be discharged in bankruptcy?”...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions