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.