Bankruptcy Attorney in Jacksonville

Exemptions in a Bankruptcy

One of the common bankruptcy myths is that you will "lose everything you own." An exemption in bankruptcy protects certain assets when filing Chapter 7 or Chapter 13. A skilled Jacksonville bankruptcy attorney from our firm will ensure that all qualified exemptions are properly listed in all court filings. This is an important point and a good reason to have a bankruptcy lawyer to ensure you are able to retain all validly exempt property and assets. If not included properly, you may lose an asset that would be exempt. Our experienced firm pays attention to every detail to ensure that you are protected as the law allows.

Bankruptcy Exemptions in Jacksonville

Here are some of the exemptions that you can claim when filing for bankruptcy in Jacksonville.

Homestead Homestead is defined as private, residential property on which the family lives. Proof must be given of primary residency. State law does not limit the dollar value of the property or owner equity.

Personal Property Up to one thousand dollars (double for spouse) can be exempt. Special savings accounts, medical savings accounts and hurricane accounts can be exempt. A portion of the wage for head of household is also exempt.

Insurance Certain insurance proceeds and benefits will be exempt from bankruptcy.

Retirement Accounts Most retirement accounts are exempt in bankruptcy.

This is only a very general list. The best thing to do is to meet with a lawyer from our firm and get all of your questions answered and receive knowledgeable guidance concerning your specific situation. We have learned in our nearly 20 years of service that every bankruptcy case is uniquely different. There is no "one-size-fits-all;" a careful evaluation of each client against what the law allows will result in the best outcome for you. You will rid yourself of this burden and get a fresh start on your financial life.

Get all of your questions about bankruptcy and exemptions answered by contacting a Jacksonville bankruptcy attorney at our firm today. We want to help!