Exemptions are legal provisions that protect certain types of a debtor’s assets or income from being seized by creditors, even in the case of a court judgment. These exemptions are defined by state or federal laws and can include a portion of the debtor’s wages, personal property like clothing and household goods, public benefits such as Social Security or disability payments, and in some cases, equity in a primary residence or a vehicle.

The purpose of statutory exemptions is to ensure that debtors retain the basic means of living and are not rendered destitute by debt collection efforts.

Florida asset protection attorneys Jon Alper and Gideon Alper, part of Alper Law