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

Have You Received a Letter from the IRS About a Tax Debt? Here’s What You Should Know Before Responding

Here's what you need to know if the IRS has contacted you about tax debt. Every year the IRS contacts...
Read More

Here’s How You Can Rebuild Your Credit

How do you repair this damage and rebuild your credit after filing for bankruptcy? Many people believe that filing for...
Read More

How Can You Practice Smart Credit Card Management after Bankruptcy?

How can you learn better credit card management after bankruptcy? Using credit after bankruptcy is an intimidating experience for many...
Read More

How Do You Improve Your Credit Score?

How do you improve your credit score? Here's what you need to know. Your credit score plays an important role...
Read More

Does Bankruptcy Credit Counseling Work?

Bankruptcy credit counseling helps you emerge from bankruptcy understanding credit management. People filing for bankruptcy must take two courses regarding...
Read More

5 Things That Boost Your Credit Score

Your credit score has a major impact on your financial life. You can be a great person with a bad...
Read More

How to Correct Errors on Your Credit Report after Bankruptcy

How do you deal with errors on your credit report after bankruptcy? In a perfect world, you could ignore your...
Read More

Tips for Rebuilding Your Credit after Bankruptcy

One of the primary goals after filing for bankruptcy is rebuilding your credit. As tempting as it might be to...
Read More

I’m Starting a New Life and I want a Financial Fresh Start – Should I File for Bankruptcy Now or Wait?

As the say goes, “when it rains it pours.” If you’ve found yourself experiencing financial difficulties while also dealing with...
Read More

What Does It Mean to Get a “Financial Fresh Start” in Bankruptcy?

Financial Fresh Start You’ve probably heard it before. “Bankruptcy gives you a financial fresh start.” It’s something stated on this...
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