Asset Protection for Professionals and Business Owners
in Ormond Beach, Florida
Exempting Assets in Florida
State and federal laws exempt some of your assets from the claims of creditors. Note that while some states allow you to choose either the state or federal exemptions, in Florida, you must use the state exemptions and federal bankruptcy exemptions are not available.
One important note for Florida residents is that property held as “tenancy for the entirety” may be exempt from the debts owed by only one spouse. For this reason, Florida residents may want to be especially careful not to compromise the asset protection offered by this form of ownership.