Filing for bankruptcy is often a chaotic time filled with the uncertainty of which assets will be used to help repay your debt and rearrange your finances. A typical concern is whether pecuniary gains from an insurance policy would fall in the category of assets accessible for collection. Finding out which debts are protected as an exemption in bankruptcy is important so you can properly plan your financial future.
Florida law defines within its bankruptcy code a list of exemptions that will be protected once you file for bankruptcy. Florida is unique because it does not follow the code of exemptions set forth by federal law, but rather defines its own bankruptcy code through statutory means and the Florida Constitution. Florida Statute § 222.201 “Availability of federal bankruptcy exemptions” sets forth a clear guide for what falls under exemption status when filing for bankruptcy. This list includes but is not limited to social security benefits, unemployment benefits, pensions, and certain types of insurance claims.
It is imporatnt to consult with your bankruptcy lawyer and your insurance claim lawyer when considering bankruptcy and the affect of a bankruptcy filing on a pending insurance claim.
You can reach Miami Insurance Claims Lawyer J.P. Gonzalez-Sirgo by dialing his direct number at (786) 272-5841, calling the main office at (305) 461-1095, or Toll Free at 1 (866) 71-CLAIM or email Attorney Gonzalez-Sirgo directly at[email protected].