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Don't be scared of losing everything in a Florida bankruptcy

Being in debt is scary, and you might be doing everything in your power to avoid dealing with the situation. However, you don't have to let fear drive your decisions and control your financial life. Instead, you can educate yourself to take the mystery out of your situation and regain control.

For instance, if you are scared that filing for bankruptcy will mean losing everything you have, you need to learn about exemptions.

Exemptions are assets, wages and benefits protected in a bankruptcy filing. If something is considered an exemption, you will be able to keep it even if you file for Chapter 7 bankruptcy protection.

If you live in Florida, you can qualify for a number of exemptions in accordance with state laws, including:

  • Your home
  • Cars (and other motor vehicles) valued up to $1,000
  • Life insurance policies
  • Disability benefits
  • Money in a medical savings account
  • Money in a hurricane savings account
  • Money placed in a qualified tuition program
  • Prescribed health aids
  • Up to $4,000 in personal property, if the homestead exemption is not used

Wages can also be exempt, but there are strict rules regarding disposable earnings, portion of wages used for child support and whether a person is the head of household or not.

What all this means is that there are many assets and interests that you can be eligible to keep if you file for bankruptcy in Florida.

With this in mind, you might find it a little easier to consider seriously your options for filing for bankruptcy. This action is aggressive; make no mistake about that. Bankruptcy will affect your credit score and eligibility for loans, and you can lose many of your remaining assets to repay creditors. Again, though, you won't lose everything.

Before you make any decisions regarding bankruptcy and other forms of debt relief, it can be crucial that you first discuss your options and legal protections with a qualified attorney.

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