Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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If you are expecting a refund, it is often to your advantage to hold off on filing your bankruptcy petition until you have received the money, in FL the trustee can take the entire refund, unless you can claim some exemptions,
Personal property up to $1,000. Personal property may include such items as furniture, art, and electronics. (Art. 10 Sec. 4, Fl. Constitution)
A debtor may claim up to $4,000 of personal property as exempt if the debtor does not use the homestead exemption. (Fl. Stat. 222.25.)
The above exemptions may be used to exempt the tax refund as well, which may save most of it.
If you are not receiving the benefit of Florida’s homestead exemption, you may claim up to $4,000 of personal property (like a tax refund) you own as exempt and protect it from being taken from you when you file bankruptcy.
Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificationWALLSTREETESQ :
If you are not receiving the benefit of Florida's homestead exemption, you may claim up to $4,000 of personal property (like a tax refund) you own as exempt and protect it from being taken from you when you file bankruptcy.
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