Category Archives: exemptions

Florida Exemptions

As I take down my website, I thought I would post the following list of exemptions applicable in Florida. The reader should consult an attorney for any updates and how the exemption law applies in your particular case. Exemption List Will I lose my home if I file bankruptcy?  Will I lose my car?  Can I protect my retirement account?  The answers to these questions are based on the law of exemptions from the claims of creditors or from the bankruptcy trustee. The following is a list of several exemptions for Florida residents. Florida residents who have not resided in Florida for two years cannot use these exemptions in bankruptcy. However, the debtor often is better off using the prior states’ exemptions, except as to the homestead. This list does not mean you can now transfer the asset to make it exempt. The exemption can be rejected because you fraudulently…
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Florida Exemption from Creditors

As I take down my website thought this information as to exemptions in Florida from creditors might be of help. Updated review would be needed for any particular case for current exemptions: Exemption List Will I lose my home if I file bankruptcy?  Will I lose my car?  Can I protect my retirement account?  The answers to these questions are based on the law of exemptions from the claims of creditors or from the bankruptcy trustee. The following is a list of several exemptions for Florida residents. Florida residents who have not resided in Florida for two years cannot use these exemptions in bankruptcy. However, the debtor often is better off using the prior states’ exemptions, except as to the homestead. This list does not mean you can now transfer the asset to make it exempt. The exemption can be rejected because you fraudulently transferred the asset to make it…
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Bankruptcy First, Sell Homestead Later

Timing is everything in bankruptcy.  Bad timing cost one Florida debtor his home. The debtor’s homestead in Florida, with some exceptions, is exempt from creditors.  It is well understood under Florida homestead law including in a Florida bankruptcy that a homeowner may sell the home, retain the proceeds(in a separate bank account), and retain the homestead exemption in the proceeds for a reasonable time to purchase another exempt homestead. Carpenter v Scott Brown, 2013 US Dist Lexis 112607 (August 9, 2013) affirmed Judge Ray’s decision denying homestead exemption upon the sale.  But the facts of the case must be reviewed.  The debtor had already signed a contract to sell and the closing was scheduled for just after the filing of the bankruptcy petition.  The debtor did reside at the homestead on the date the bankruptcy petition was filed.  The key fact here is that the debtor was moving to Massachusetts to stay with family….
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