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Exemptions in Bankruptcy - Florida - YouTube
Channel: Lanigan&Lanigan
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I'm going to talk for a minute about the
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exemptions that are available in
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bankruptcy and by exemptions we mean
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property that's off the table the
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trustee the creditors cannot touch the
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property and you continue to own it post
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bankruptcy in discussing these keep in
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mind that I'm giving you just two
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generalities here and in all of these
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different areas there are specifics and
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if ever the phrase the devil is in the
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details is applicable it's in bankruptcy
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law so keep in mind that this is just a
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general overview of the primary
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exemptions that are available
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number one is probably the homestead
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exemption any equity you have in your
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homestead property is exempt regardless
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of the amount that used to be a big deal
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here in Florida over the last few years
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equity in homes has almost become a
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rarity
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next would be IRA and pension money any
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monies that you've accumulated in an IRA
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401k or other type of qualified
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retirement plan are exempt from the
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claims of creditors regardless of the
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amount you also have an earned income
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exemption and that is any income that
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you have earned in the six months
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preceding the filing of the bankruptcy
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is exempt essentially regardless of the
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amount you have a social security
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exemption benefits that you are to
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receive or benefits that you have
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received from Social Security are exempt
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however the exemption for accumulated
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Social Security benefits is not absolute
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there's language in the law that says
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the accumulated Social Security benefits
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that are reasonable and necessary
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to maintain your life style and the
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question always comes up well what does
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that mean and that's part of the
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dangerous aspect of that is it depends
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on a case-to-case basis so you can't
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guarantee that all accumulated social
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security benefits are exempt you've got
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a personal property exemption personal
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property can both be tangible personal
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property your clothes your watch your
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furniture and it can be intangible
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property such as cash CDs stocks and
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bonds that you own outside of an IRA or
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pension the law on personal property
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exemption is that if you are not taking
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advantage of the homestead exemption in
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other words you're underwater in your
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house or you're renting then you each
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have each spouse if you're filing a
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husband and wife jointly each spouse has
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a total of five thousand dollars of
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personal property exemption if you are
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taking advantage of homestead because
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you've got equity in your home then that
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personal property exemption is only
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$1,000 each you also have automobile
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exemption each person has one thousand
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dollars of automobile exemption now so
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you have your personal property
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exemption and you have your automobile
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exemption to the extent that you do not
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use the personal property exemption you
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can roll it over and use it on the car
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so in theory between cars and personal
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property you can have as much as twelve
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thousand dollars of exemptions now the
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key element there there becomes well how
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do we value this personal property what
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value do we put on our clothes or our
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furniture and the good news there is
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generally speaking I refer to it as
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garage sale pawnshop value
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it's not what you paid for it it's not
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what you would have to pay if you went
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to the store to replace all your clothes
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it's what would they be worth if you had
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a sale on Saturday and everything's
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going to go by sundown and in that world
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we say generally the clothes are
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virtually worthless and furnitures not
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far behind so twelve thousand dollars
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personal property exemption for
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furniture clothing cars can cover an
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awful lot of ground
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finally the another critical exemption
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can be what we call tenancy by the
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entireties property tenancy by the
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entireties property is essentially
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property that a husband and wife owned
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together as husband and wife this
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exemption comes into play when only one
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of the spouses is filing and I often
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explain it this way in a marriage there
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are two people but there are three
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property owners
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there's the property that the husband
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owns there's the property that the white
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bones and then there's this third
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property owner and that's the husband
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and wife together as husband and wife
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and if an individual is filing let's say
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for example only the husband is filing
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bankruptcy so out of these three
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property owners the creditors can only
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look to what the husband owns by himself
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what the wife owns
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we don't even list because he has no
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ownership interest in that and what the
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husband and wife owned jointly we listed
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but we exempt all of it as tenancy by
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the entireties so those are your
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fundamental exemptions in bankruptcy and
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as I said in the beginning each one of
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those has certain nuances and exemptions
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which can get real complicated so it's
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very important that if you think you
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have these exemptions to apply that you
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talk with a competent professional
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make sure that they apply in your unique
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circumstances
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you
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