What are exemptions?

Laws that protect your real and personal property in a Florida bankruptcy are called “exemptions” and actually rely on the State of Florida’s own property exemptions rather than federal exemptions. These state exemptions will even protect your property outside of bankruptcy if you decide not to file a bankruptcy case.

That’s because the federal government gave the individual states the right to opt out” from the federal exemption scheme to utilize their own exemptions in bankruptcy. Florida is an “opt-out” state. Many states have “opted out” which means that there can be important differences in the property you are permitted to keep, depending on where you live. This is true, even though all bankruptcies are filed in federal court, and you would think you get the same “brand” of treatment in all the courts — not true. Your mileage will vary depending on which state you physically reside in, and for how long you actually resided there. For our discussions, information is focused on bankruptcies filed in Florida only.


Disclaimer: The Law Offices of Michael E. Zapin is a debt relief agency and we help our clients file for bankruptcy relief.

The materials and discussions on this website are for informational purposes only and not intended to be legal advice to you. Most of the information on this website is based on Florida law. Laws are not static, they are fluid. Legislatures periodically change dollar values in laws relevant to bankruptcy. Though we strive to remain current on the law, always check primary sources for the most recent values or developments.  Laws in your home state may vary. Contact a competent local professional for actual legal advice or ask us for a referral.