You’re considering filing a bankruptcy, and
you’ve heard of the term, federal exemptions. What are federal exemptions, in bankruptcy?
My name is Andy Forman. I’m a Consumer and Business Bankruptcy lawyer, in Tampa, Florida,
and I assist people with the exemption issue, every day. Exemptions are provided by both
federal and state law. Some states have opted out of the federal exemptions, and they use
their state law, for bankruptcy purposes. Even if you’re in an opt out state, you can
still make benefit of the federal exemptions. Typically, the state law exemptions, are more
generous, but there may be a circumstance where you want to use federal exemptions.
The way you would make that election, is when you file your petition, Schedule C, is the
exemption schedule, and you would either elect to use the exemptions of your state, or you
would do federal exemptions. You would have to talk to a lawyer, and find out which set
of exemptions, best suits your circumstance. State law exemptions are generally more generous,
but there are circumstances where federal exemptions would be appropriate. Contact competent
legal counsel, and they’ll help you make the proper decision. My name is Andy Forman. Good
luck with your bankruptcy.