What Possessions Can I Keep Out of Bankruptcy?

You must list all of your assets in your bankruptcy, but the trick is getting all the exemptions that you can for your possessions. By saying that your item is exempt means that the creditor cannot take it to pay for your debt. Which items are exempt? This answer varies state by state. Bankruptcy is technically a federal program, as it stems from the US Constitution. However, Congress allows states to opt out of the federal exemptions and make up their own.

You cannot simply pick and choose which items you want to keep out of bankruptcy. In Florida, you can exempt your homestead, certain insurance plans, alimony, child support payments, certain pensions, some of your wages, a certain amount of automobile equity, and a certain amount of your personal property. An Orange Park consumer law attorney will help get you the most exemptions that you are eligible for, letting you keep the most amount of your property. Call us today at 904-685-1200 to discuss your specific case.