Exempt Property In Bankruptcy

One of the biggest misconceptions about filing for Chapter 7 bankruptcy is that you will lose everything you own. Nothing could be further from the truth. The purpose of the Bankruptcy Code is not to pay off your creditors and leave you with nothing. It is to help you obtain the relief you need so that you can make a fresh start without the burden of excessive debt holding you back.

In most cases, there will be an exemption for the following types of property:

  • Homestead
  • Automobile
  • Home furnishings
  • Tools of the trade
  • Jewelry
  • Clothing
  • Family heirlooms
  • Retirement accounts
  • Any property protected under tenancy by the entireties

Helping You Through A Complex Process

Specific rules govern which property can be sold to repay your creditors and which property you get to keep. At the law firm of Buddy D. Ford, P.A., our Tampa property exemptions attorneys have extensive experience with all aspects of Chapter 7 filings. We will help you understand your property rights and make sure that Chapter 7 is the right option for you.

In some cases, clients decide that they are not comfortable with any of their property being at risk for liquidation and prefer to explore other avenues for debt relief. Our lawyers provide complete debt relief services, including Chapter 11 and Chapter 13 debt reorganization. We also offer alternatives to bankruptcy, such as debt negotiation and consolidation.

Call For A Consultation

Contact our office today to get your exempt property questions answered. We are available during regular business hours and by appointment evenings and weekends. You can reach us by phone at 813-302-1258, toll free at 866-596-9247 or via email.