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What are exemptions in Bankruptcy?

WHAT ARE BANKRUPTCY EXEMPTIONS? WHY ARE EXEMPTIONS IMPORTANT IN BANKRUPTCY? Section 522 of the Bankruptcy Code is titled Exemptions. Congress and the Legislatures of most States have determined that a Debtor either in Bankruptcy, or outside of Bankruptcy, should be protected from having all of his property seized to satisfy a Creditor. The Bankruptcy Code, in Section 522, enumerates the Exemptions available to Debtors in Bankruptcy, where the Bankruptcy Court is bound by the Federal Exemptions. Some States have their own State Exemptions, if such State elects to apply their own State Exemptions, then the Bankruptcy Court in which State it sits, must apply the State Exemptions in determining what Assets of the Debtor in Bankruptcy, are Exempt. Other States have elected to use the Federal Exemptions, in which case the Debtor in Bankruptcy must use those Exemptions, when filing Bankruptcy. However, the Debtor in Bankruptcy can use the Florida State Exemptions in Bankruptcy, and can also use the Federal Exemptions, provided that the Federal Exemption is not addressed or conflicts with one of the Florida State Exemptions. The State of Florida has elected that the Florida State Exemptions are to be applied in Florida Courts and in the Bankruptcy Courts, within the Jurisdiction of the State of Florida. The Florida Exemptions are considered to be, of all the State Exemptions, some of the most advantageous to the Debtor. Please read the Blog available on this website, where Mr. Weller discusses the numerous Florida State Exemptions, including the Homestead Exemption, The Head Of Family Exemption, Exemptions For Disability Benefits, Life Insurance Proceeds, Alimony And Child Support, Workers Compensation, Veterans Benefits, Teachers Retirement Benefits, Police Pensions, Firefighter Pensions, Florida Retirement System Benefits, IRAs, Roths, and other ERISA Qualified Retirement Accounts, and how those Exemptions are applied in Bankruptcy Proceedings.

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