St. Augustine Chapter 7 Bankruptcy Lawyer
Providing Debt Relief Options Throughout Florida
Chapter 7 is one of the most common forms of bankruptcy; it liquidates the debtor’s assets to pay off creditors. In a Chapter 7 bankruptcy, the court will forgive an individual’s debts and have his or her non-exempt assets liquidated. Non-exempt assets are property that is not protected by law. Florida has specific laws on what can and cannot be taken. If you have questions or require legal guidance through this process, speak with our St. Augustine Chapter 7 bankruptcy lawyer at once.
Call 904-471-3434 to schedule a FREE consultation with Albaugh Law Firm! We have 70 years’ worth of experience combined and are ready to take on your case!
Florida does not allow its residents to use the federal bankruptcy exemptions because it has specific exemptions of its own. In order to use Florida bankruptcy exemptions, you must qualify under the residency requirements. You must be a resident of the state for a minimum of 730 days before filing in order to qualify for the exemptions.
In Florida, the court cannot take a debtor’s house because the equity in the home is protected under the Florida Constitution. An unlimited amount of value in your home can be exempted based on the generous homestead exemption that Florida offers. You can also exempt:
- Personal property up to $1,000
- Education, health, and hurricane savings
- Prescribed health aids
- Motor vehicle equity up to $1,000
Additionally, up to $750 per week of the wages of the head of a family are fully exempt. If the debtor does not use the homestead exemption, up to $4,000 of personal property can be considered exempt.
How do I Qualify for Chapter 7 Bankruptcy in Florida?
In order to determine if you qualify to file under Chapter 7 bankruptcy, you will need to first take the means test. This test assesses your income compared to the median income for households in Florida as reported by the Census Bureau. The means test will evaluate whether your monthly income is less than or greater than the median for the state. If you do not qualify, you may be able to file under Chapter 13.
Contact the Albaugh Law Firm today for legal guidance from our St. Augustine Chapter 7 bankruptcy attorneys!