Financial troubles can hit anyone, anytime. However, if you have recently shifted to a new state and need to file for bankruptcy, you can; but you need to find out about the exemptions. According to lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, exemptions are important to protect your real estate and personal property. Individuals can choose between federal and state exemptions. If you shift to a new place, you cannot use state exemptions as you are expected to stay for a certain timeframe to avail state bankruptcy exemptions.
In the case of Florida, you have had to live for 730 days before filing for bankruptcy to avail state bankruptcy exemptions. If you have stayed less than this duration, you can claim bankruptcy exemption of the state in which you lived for 180 days before your bankruptcy filing or opt for federal exemptions. Florida offers excellent homestead exemption as it allows you to keep your home despite unsecured creditors. However, to do so, you must have owned the property for 1215 days before filing for bankruptcy, otherwise, you can only protect $125,000 worth of equity in it. Most of the time, the majority of homes are underwater, thus, people usually end up saving their homes during bankruptcy.
In case you have doubts regarding exemptions accorded in bankruptcy, you can discuss it with qualified bankruptcy lawyers at 888-297-6023.