What do you get to keep after filing a Chapter 7?

Florida law determines that certain property is off limits to creditors after a debtor has filed bankruptcy. These items are known as "exempt" from the reach of creditors and cannot be touched.

A short list of these items include: the Florida Homestead exemption, which is unlimited if you have owned the home for 40 or more months; a 1,000 dollar auto equity exemption, a 1,000 dollar personal property exemption, and an exemption upon qualifying IRA savings accounts, 401k plans, social security and disability income, and health savings accounts.

In addition, for persons not claiming a Homestead exemption (usually renters) there is a 4,000 dollar "wild card" property exemption.

Importantly, when a married couple files jointly, all of these exemptions can be combined to double the amount of exempt property.

As you can see, with proper planning and guidance from a bankruptcy lawyer you can really keep a good deal of your non-secured assets even after filing bankruptcy.