Individuals who file Chapter 7 cases are entitled to retain certain assets. Which assets a client can retain depends upon a number of factors, including how long they have resided in a given state, whether or not they claim their home as exempt from claims of creditors, whether the case is filed by an individual who is married or by both spouses, and how personal property is titled. Consumer bankruptcy cases filed in Florida require an analysis of Florida's exemption laws — as provided by its state constitution and its legislature — as well as amendments to the Bankruptcy Code that took place in 2005. At a minimum, a thorough understanding of exemptions, whether provided under the Bankruptcy Code or under Florida state law, is essential to the proper preparation of the schedules of assets and liabilities that accompany a Chapter 7 petition.
Bankruptcy Litigation Attorneys in Palm Beach
Our firm is constantly exposed to issues pertaining to exemptions, including whether an exemption is applicable, if it is excessive in amount or whether it was properly established to begin with. The transfer of assets that were not exempt from claims of creditors to a an investment vehicle that would ordinarily be exempt under Florida state law, such as an annuity or other IRS-qualified retirement plan, may be attacked by a bankruptcy trustee as a fraudulent conveyance. Similarly, the Bankruptcy Code has established restrictions on the time period prior to the commencement of a bankruptcy case in which a homestead exemption may be established, the ability to pay some or all of a loan secured by a mortgage against a primary residence and claim the homestead as exempt or the amount of equity in a homestead that may be claimed as exempt in a bankruptcy case.
While we make every effort to ensure that each case moves through the bankruptcy process as smoothly as possible, there are occasions when trustees object to exemptions. We regularly deal with objections to exemptions and often obtain favorable results.
Contact the Palm Beach Bankruptcy Litigation Lawyers of Rosen & Winig, P.A.
For efficient and effective solutions to even the most complex legal challenges, turn to Rosen & Winig, P.A. Our lawyers offer exceptional representation to businesses and individuals. Call 561-459-2613, toll free at 877-268-2933 or simply contact us online to schedule an initial consultation.
