Exempt Property in Florida Bankruptcy
The most typical exemptions used in a Florida bankruptcy case are the following: Florida homestead, $1,000.00 - $5,000.00 of personal property, $1,000.00 of equity in a vehicle, IRA, and other retirement benefits.
If all or most of the property one may be in a position to file for chapter 7 bankruptcy. This would depend on other considerations, including the amount of one's net disposable income.
If a person has substantial property that would not be exempt, he would consider filing for chapter 13. Under chapter 13, one is allowed to keep all of his property, whether exempt or non-exempt, in exchange for the payment to creditors under a chapter 13 plan over 3 to 5 years. The amount required to be paid in the chapter 13 plan depends on the amount of the non-exempt property and the amount of the projected disposable income.
