What can I keep if I file for Bankruptcy?

Transcription:
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]