Florida Bankruptcy Exemptions
Most persons filing for bankruptcy in Florida are allowed to use the Florida exemptions. In some cases, the exemptions of another state or the federal exemptions must be used.
Exempt property is property that is not considered part of the bankruptcy estate. In a chapter 7 bankruptcy case, exempt property is taken out of the “bankruptcy estate” and may not be liquidated by a chapter 7 trustee to pay creditors.
In a chapter 13 bankruptcy case, the determination of what property is exempt is also important, as the amount required to be paid to unsecured creditors is determined, in part, on the value of the debtor’s property that is not exempt.