What can I keep if I file for Bankruptcy?

00:01 [Music]
00:03 hi my name is Robert Geller and I am a
00:06 consumer bankruptcy attorney in the
00:08 Tampa Bay area and today I want to talk
00:11 to you a little bit about what you can
00:14 keep when you file bankruptcy most
00:17 people out there think that they will
00:19 lose everything if they file bankruptcy
00:21 and truthfully that can't be that's not
00:25 true most of my clients keep all of
00:28 their assets when they follow bankruptcy
00:30 but what you can keep when you file
00:34 bankruptcy is determined on where you
00:38 have lived for a period of two years
00:41 prior to filing the bankruptcy so most
00:45 of my clients have lived in Florida for
00:47 two years and we go by what is called
00:50 the Florida exemption scheme bankruptcy
00:53 is a federal law but the federal law
00:55 defers to certain states to determine
00:58 what you can keep and we in Florida go
01:01 by the Florida exemption scheme but
01:04 let's just say hypothetically you've
01:06 only lived in Florida for six months
01:08 then we would look at where you've last
01:10 lived for the period of two years and
01:13 and we would have to look to see if that
01:16 state lets you use their exemption
01:18 schemes most states do not let you use
01:23 their exemption schemes if you do not
01:25 live there and then you go to the
01:28 federal exemption scheme so if you have
01:31 not lived in Florida and let's say I'm
01:32 not gonna pick out a stay off my egg
01:34 because I don't know right off the top
01:36 of my head what States say you have to
01:39 go to the federal exemption scheme let's
01:41 say it's a state that says you can't use
01:43 our exemptions you don't live here you
01:45 have to go to federal the federal law
01:47 allows you certain exemptions like
01:49 thirty six hundred approximately dollars
01:52 for automobile you keep that it gives
01:55 you a wild-card exemption for all your
01:57 personal property it gives you
01:59 exemptions for jewelry but the federal
02:02 law is somewhat limited on the exemption
02:07 for your home so let's say you have a
02:09 home and it's worth four or five hundred
02:12 dollars the federal law does not give
02:14 you an unlimited exemption scheme but
02:17 for my Florida clients which is a
02:19 majority of them and probably would be
02:23 most concerned about what I'm discussing
02:25 today in Florida there are two forms of
02:29 exemption schemes for what you can keep
02:32 in Florida if you are a homeowner and if
02:36 you want to keep your home and exempt
02:38 your home your home is completely exempt
02:40 no matter what it is worth with certain
02:43 exceptions and then you are allowed to
02:47 keep effect generally a thousand dollars
02:49 for your personal property there's a way
02:52 your lawyer can explain to you to value
02:53 that and you get a thousand-dollar
02:55 exemption for you the value or equity
02:59 you have in your automobile so if there
03:01 are other exemptions that apply in all
03:03 in all cases your environment is
03:06 completely exam your Social Security
03:08 benefits are completely exempt most
03:10 annuities are completely exempt and
03:13 there are some other exemptions that are
03:15 completely exempt in Florida even if you
03:17 own a home then if you are not a
03:20 homeowner and you have lived in Florida
03:23 for the last two years and we follow the
03:24 Florida exemption scheme then you get to
03:28 keep a thousand equity an automobile
03:31 plus an additional four thousand dollars
03:35 what is called the wild card plus an
03:37 extra thousand dollars towards your
03:39 personal property or a total of six
03:41 thousand dollars in personal property my
03:46 best advice to you is to seek the advice
03:48 of an experienced bankruptcy lawyer who
03:50 can guide you through what you can't
03:53 keep and if your you are welcome to
03:56 click on the link that's attached and
03:58 we'll be glad to provide you more
04:00 information or you certainly can give us
04:04 a call we'll be glad to talk to you
04:05 again my name is Robert Geller and I
04:08 look forward to helping you build a
04:10 bridge to a brighter future
04:14 [Music]

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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
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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
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At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater, St. Petersburg, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.