Will I lose my assets if I file for Chapter 7?
It depends. When individual files are petitioned in the bankruptcy court, they will list amongst their schedules certain exempt personal property. Exempt personal property is that property which is protected under either the Federal Bankruptcy code or under the State Law that applies in their matter. In Florida, a debtor is allowed to have an exemption for $1,000 of personal property and you can double that if you’re married. $1,000 for a vehicle and up to $4,000 if you do not have a homestead.
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