How much money can you have exempt in your bank account at the time you file Chapter 13 in Florida?

For a Chapter 13 you can have any amount in your bank account so long as the liquidation value calculation allows for a feasible plan. In a Chapter 13, the liquidation value is important to determine the size of your minimum plan payments. You must pay the liquidation value (what you cannot exempt) over a 60 month period to your unsecured creditors. So if you cannot exempt say... $60,000 in property, then you must pay at least $1,000 per month for 60 months.

There is no limit to the amount of money you are permitted to have in a bank account, provided you pay in the amount of money which is considered non-exempt. This means that the asset exceeds the exemption limits. If you have $50,000 in the bank, and your debts are $30,000, the full $30,000 would need to be repaid. You are allowed five years to repay the same, so your payments would be a little over $500.00 per month when the trustee fees are added in.

First, NO ATTORNEY can advise you in fact of the amount that can be exempt UNLESS they know if you have lived in FL the last exact 2 years before you file as otherwise another states laws will govern. It is that type of question and information that a careful experienced attorney will discuss with you and why you should employ one or at least meet with one to answer ALL your questions as most persons ONLY care about 2 things: can they get rid of all their debts and keep all the assets of value to them. For that reason I point out next other issues and goals you have and what you really want to know. You need and want to enjoy your fresh start also. But the most important thing is to meet with an attorney as you asking this question means you have not. You care about 2 goals: keeping everything you have equity in and discharging all your debts. If you don't have any of the exceptions to discharge you will obtain that goal; most exceptions are set forth in 11 USC. 523 (Google it) like child support, some income taxes, traffic (in a ch 7) and criminal fines , and presumption of student loans. But some debts are dischargeable in a ch 13 but NOT in a ch 7 so you want to make sure and your attorney will discuss any such types with you also! Your exemptions depend on what state you have lived in in the last 2 years and thus if in your state, then your states exemptions will apply. Most persons filing keep everything they own but your attorney will confirm that with you when they learn everything you own and the equity thereof! Some secured debts like homes, vehicles, other secured debts an attorney will discuss your options on also as you must list any debts; but that does not mean you will lose them unless you have too much equity or are in default on paying for them! Discuss those options if they apply with your attorney too. But other issues can arise that can greatly harm your case. Just one example: If you paid back a relative $3,000 11 months ago and now file bankruptcy next week, the trustee can SUE that relative to retrieve that $3,000 (under what is called a preference) for the benefit of the bankruptcy estate. As a result, most attorneys don't charge to meet with them the first meeting so meet with one no matter what. Many great attorneys can be found right here on in your state so look, call, and meet one as soon as you can. You should also want to know when to file: is there an advantage of waiting versus filing now and who should you pay between now and then! Good luck and enjoy your later fresh start in Florida.

The answer to you questions will depend on the source of the funds (wages of a head of household are exempt from creditors for a period of time after begin deposited in a bank account; Social Security, retirement, and VA benefits are separately exempt; proceeds of the sale of a homestead can retain the homestead exemption depending on the circumstances; a bank account may be owned by spouses as tenants by the entireties which is a form of ownership that functions as an exemption). You should meet with an experienced bankruptcy attorney who can evaluate your financial circumstances and talk with you about your options.