Each state differs as to the exemptions that you are permitted. An exemption is the amount and type of property that you are allowed to keep when you file bankruptcy. Some of the exemptions in Florida generally are your homestead, up to $1,000 of personal property per person, $1,000 of equity per person in any one motor vehicle, social security benefits, disability benefits, child support and alimony, and most life insurance, annuity plans, and pension plans. In addition there are other exemptions that may be available to you.

The fact of bankruptcy is picked up and noted by various commercial credit reporting companies. Federal law limits the length of time that this information may be carried on a credit report. Also, the law prevents certain governmental units and agencies from discriminating against persons who have filed bankruptcy.

Most people find that if, after filing bankruptcy, they promptly make the payments they are left with such as a car payment, house payment, rent or utility bills, they can re-establish their credit in about two years time. If this is one of your concerns please do not hesitate to ask us about our experience of this area.

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