Are Household Goods and Furniture Exempt in Bankruptcy?

To a certain extent, yes. Household goods and furniture can be exempt from bankruptcy liquidations. Florida bankruptcy exemptions can be quite generous depending on your eligibility and how you file. This page gives a brief overview of bankruptcy exemption laws in the state.

However, it is important to remember that the law governing bankruptcy can be complicated. To make sure you remain compliant and do not miss out on any exemption benefits, it is best to have your case reviewed by an experienced bankruptcy attorney. Contact Loan Lawyers today to schedule your free, no-obligation consultation. Read on to learn more.

What is the “Wildcard” Exemption?

You can exempt personal property up to $1,000 in value when you file for bankruptcy. If you do not qualify for Florida’s generous homestead exemption enshrined in its state constitution and statutes, this number increases to $4,000 as an individual filer. The number doubles to $8,000 for joint filers.

These are sometimes known as “wildcard exemptions” because they allow bankruptcy filers to select the types of property they want to exempt. In other words, you are not limited to specific household items and other assets.

Other Bankruptcy Exemptions in Florida

Again, Florida law is particularly generous when it comes to bankruptcy exemptions. For example, under Fla. Stat. Ann. § 222.18, you could exempt disability income benefits. Under Fla. Stat. Ann. § 222.21, you could also exempt pension money and certain tax-exempt funds or accounts. Further, under Fla. Stat. Ann. § 222.22, you can exempt qualified tuition programs, medical savings accounts, Coverdell education savings accounts, and hurricane savings accounts

These are just some of the exemptions available in Florida. An experienced bankruptcy attorney can review your case and make sure no others you may be eligible for are overlooked.

Who Qualifies for Florida’s Bankruptcy Exemptions?

Florida bankruptcy rules require that you reside in the state for 730 days (i.e., two years) before filing your petition with a bankruptcy court. If you have not lived in the state for the required period, the exemptions from the previous state where you resided apply. If you did not live in one state during the two years before filing, the exemptions available in the state where you lived for most of the 180 days before the two years prior to filing would apply instead.

Further, under the homestead exemption, you can exempt an unlimited amount of equity in your home or other eligible property. However, the property must not exceed 160 acres unless it is in a municipal, in which case it must not exceed half an acre. Finally, you must also have owned the property for at least 1,215 days to be eligible for the homestead exemption when filing for bankruptcy.

Consult With Our Experienced Bankruptcy Attorneys Today

Loan Lawyers provide legal representation you can depend on when dealing with creditors and facing foreclosure. Our bankruptcy law firm can explore tailored solutions for each client’s unique needs and implement them to achieve the most favorable outcome on their behalf.

If you want to learn more about personal property exemptions in a Florida bankruptcy, contact us today to schedule your free, no-obligation consultation with one of our experienced attorneys. We are here to help.