Owner of diesel repair shop wants to know if his tools & equipment be taken in a bankruptcy.
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Owner of diesel repair shop wants to know if his tools & equipment be taken in a bankruptcy.
This owner’s tools & equipment is all he has to make a living for his family.
Asked on July 6, 2009 under Bankruptcy Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
All states exempt certain property from being turned over to creditors, often including tools of the trade. You can look in the FL laws, in particular at sections 121, 122, 175, 222, 440, 443, and 620, which you can find online at http://www.leg.state.fl.us/STATUTES, to see what is exempt, and up to what dollar limit.
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