Serving Areas in Orlando, Minneola, and Clermont
Exempt assets in bankruptcy are things you can keep. Each state allows for exemptions that you can apply to assets you own to keep them out of the bankruptcy estate. A common example of that is your homestead property in Florida. You can protect the equity in your home; that's an exempt asset. You can protect the equity in your vehicle up to a certain amount in bankruptcy. There are exemptions you can use to protect retirement accounts and the list goes on. Exemptions and selecting your exemptions when you file is a very important part of filing. That's why you need a qualified attorney to advise you on how to apply these exemptions.