CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What Can I Keep if I File for Bankruptcy?

Transcription:
Hi, my name is Robert Geller and I am a consumer bankruptcy attorney in the Tampa Bay area. And today I want to talk to you a little bit about what you can keep when you file bankruptcy. Most people out there think that they will lose everything if they file bankruptcy and truthfully, that can’t be, that’s not true. Most of my clients keep all of their assets when they file bankruptcy. But what you can keep when you file bankruptcy is determined on where you have lived for a period of two years prior to filing the bankruptcy. So most of my clients have lived in Florida for two years and we go by what is called the Florida exemption scheme. Bankruptcy is a federal law, but the federal law differs to certain States to determine what do you can keep. And we in Florida go by the Florida exemption scheme, but let’s just say, hypothetically, you’ve only lived in Florida for six months.

Then we would look at where you’ve last lived for the period of two years. And, um, and we would have to look to see if that state lets you use their exemption schemes. Most States do not let you use their exemption schemes. If you do not live there. Um, and then you go to the federal exemption scheme. So if you have not lived in Florida and let’s say, I’m not going to pick out a state off my head, cause I don’t know right off the top of my head, what States, uh, say you have to go to the federal exemption scheme. Let’s say it’s a state that says you can’t use our exemptions. You don’t live here. You have to go to federal. The federal law allows you certain exemptions like 3,600 approximately dollars for automobile. You give that, um, it gives you a wildcard exemption for all your personal property.

It gives you exemptions for jewelry, but the federal law is somewhat limited on the, uh, exemption for your home. So let’s say you have a home and it’s worth four or $500,000. The federal law does not give you an unlimited exemption scheme, but for my Florida clients, which is a majority of them and probably, um, uh, would be most concerned about what I’m discussing today in Florida, there are two forms of exemption schemes, uh, for what you can keep in Florida, if you are a homeowner and if you want to keep your home and exempt your home, your home is completely exempt, no matter what it is worth, uh, with certain exceptions. And um, then you are allowed to keep us at generally a thousand dollars for your personal property. Uh, there’s a way your lawyer can explain to you the value that, and you get a thousand dollar exemption for you, the value or equity have in your automobile.

The right there are other exemptions that apply in all in all cases, your retirement is completely exempt. Your social security benefits are completely exam. Most annuities are assert are completely exempt and there are some other exemptions that are completely exempt in Florida. Even if you own a home, then if you are not a homeowner and you have lived in Florida for the last two years and we followed the Florida exemption scheme, um, then you get to keep a thousand equity at automobile, um, plus an additional $4,000. What is called the wild card, plus an extra thousand dollars towards your personal property or total of $6,000 in personal property. Um, my best advice to you is to seek the advice of that experienced bankruptcy lawyer, who can guide you through, um, what you can’t keep. Um, and if you’re, you are welcome to click on the link that’s attached and we’ll be glad to provide you more information or you certainly can give us a call. We’ll be glad to talk to you again. My name is Robert Geller and I look forward to helping you build a bridge to a brighter future.

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