Information from a Tampa Bankruptcy Attorney on What Property You Can Keep After a Bankruptcy

One of the most common fears many distressed consumers have when considering a possible bankruptcy is the notion that they will lose all of their valued possessions. However, this isn't necessarily the truth, as a Tampa bankruptcy attorney will tell you.

In a Chapter 7, or liquidation bankruptcy, you are permitted to keep all of your property the law says is exempt from the claims of creditors. In Florida, this includes:

• All equity in your homestead residence, in most cases

• $1,000 of equity in your car

• $1,000 of equity in personal property (unless you do not claim a homestead, in which case you can claim an additional $4,000 in personal property equity)

• Your right to receive certain benefits such as unemployment compensation, social security, disability, worker's compensation, veteran's benefits, public assistance, and most pensions and retirement benefits, regardless of the amount

As you can see, your Tampa bankruptcy attorney can help you claim a large amount of your property as exempt. However, you must keep in mind that the values of these properties are not what you paid for them, but what they are currently worth. You are also only looking at your equity in these items, so you must take into account any amounts still owed on a home or vehicle, for instance. Furthermore, in a Chapter 13 bankruptcy, your Tampa bankruptcy attorney will show you that you can usually keep all of your property if your bankruptcy plan falls in line with bankruptcy law. Typically, you will be required to continue paying on mortgages or liens just as if you hadn't filed for bankruptcy.

For more information on the options available to you in a bankruptcy case, and how they can affect your personal property, contact the trusted Tampa bankruptcy attorney, Yesner & Boss, P.L., today. We offer free consultations and will get to know you and your situation well as we guide you through this often complex process.