Assuming that you have not given the creditor a lien on any specific property,
Florida law allows a debtor to protect a certain amount of personal property
from the claims of creditors. If you own a home in Florida, the protection
that you are allowed is $1000.00 per person. In other words, if your belongings
are worth $2000.00 you can designate one half of the items as exempt.
The other half would be available to creditors to satisfy their judgements
and they can obtain a court order for seizure of such items. If, however,
you do not own a home in Florida, then the protection that you are allowed
for personal property goes up to $5000.00 per person. There is also an
additional $1000.00 per person automobile exemption that you can apply
to any equity that you have in an automobile, motorcycle, or trailer.
Keep in mind that the above assumes that you are filing bankruptcy or
that the creditor has sued you and obtained a judgment stating that you
owe them money. Without a judgment, the creditor has no right to seize
any of your property. There is however, one notable exception. The lender
that financed your automobile does have the right of repossession as soon
as you fall behind on payments, and they are not required to obtain a
judgment or any kind of court order.
Also, be aware that if you have not lived in Florida continuously for at least two years before your bankruptcy is filed, Florida law may not apply to your case. In this situation, it is very important that you consult a bankruptcy professional that is able to analyze your residence history and determine what law will apply and what protections for assets may be allowed in your case.