Friday, June 12, 2015

Florida Bankruptcy Exemptions

Under the federal bankruptcy laws, each state is allowed to choose which type of exemptions will be available to those who file for bankruptcy in its state.  Generally the choice is between allowing the use of the federal bankruptcy exemptions and the state's own bankruptcy exemptions.

The question of which exemptions apply is complicated when a person has recently moved from a different state. The determination of which state's exemptions apply is based on the place of the person's domicile during the 730 days prior to filing and sometime also to the 180 days prior to such 730 days.

If you were domiciled in Florida for the entire 730 days before the date of the bankruptcy filing, you are allowed to use the Florida exemptions. If you were not domiciled in the Florida for the entire 730 day period,  you must use the exemptions allowed for the state in which were domiciled for the 180 day period (or greatest part of the 180 day period) prior to the 730 day period.