Exemption Doubling in Florida Bankruptcy Cases

When you file for bankruptcy in Florida you must list all your assets and then use state or federal laws called exemptions to protect those assets. Typical exemptions are as follows:
1. $1,000.00 for anything you want
2. $1,000.00 for a vehicle
3. Unlimited homestead.
4. If a debtor doesn’t own a homestead or they are surrendering their homestead then the debtor gets an additional $4,000.00 wildcard exemption to protect anything they want.

However there is a way to DOUBLE your exemptions in Florida, but it requires you to be married. If a debtor files for bankruptcy with his or her spouse the amount of exemptions gets DOUBLED so they would receive the following:
1. $2,000.00 for anything they want
2. $1,000 for vehicle for debtor and $1,000 for vehicle for joint debtor
3. Unlimited homestead.
4. $8,000.00 wildcard exemption if debtors don’t own a home or are surrendering their home.

Again exemption doubling only applies when there are JOINT DEBTORS (husband and wife filing together), individual debtors are not entitled to exemption doubling.

If you are thinking of filing for bankruptcy in South Florida then you should speak with an experienced Miami Bankruptcy Lawyer . Attorney of Shmucher, of Shmucher Law, PL offers a free consultation to discuss your individual case, please call 954.309.5559 or 305.741.5553 to setup an appointment. Consultations are available seven days a week and we have evening appointments available.

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