Florida Bankruptcy Laws
The state of Florida is divided into three bankruptcy districts: Florida Middle Bankruptcy Court, Florida Northern Bankruptcy Court and Florida Southern Bankruptcy Court. These courts serve the entire state of Florida . Florida bankruptcy can provide the troubled debtor with a fresh start because it eliminates the legal obligation to pay most or all of your debts.
Find a Bankruptcy Lawyer in Florida with our debt relief directory and get a free BK evalution for a loan modification, chapter 7, 11, 13 or debt settlement that could lead to a fresh start. Find out from a local attorney if bankruptcy is the best for your situation.
Florida Bankruptcy Exemptions
According to Ruff & Cohen, a bankruptcy law firm serving Gainsville and Jacksonville , FL , in Florida , the following are some of what you get to keep:
- The property you live on by claiming a "homestead exemption", as long as it's not larger than 1/2 acre inside a municipality or 160 connected acres elsewhere, no matter the value. The homestead exemption is the value in home equity that a debtor may exclude from bankruptcy proceedings.
- Unemployment, disability, veterans' and social security benefits
- Alimony
- Retirement plan and life insurance proceeds
- Business partnership property
- Any personal property, up to $1,000 in value
- Any professionally prescribed health aids
- Crime victim and workers' compensation
NOTE: These are the major bankruptcy exemptions. Check with your bankruptcy lawyer for a full exemptions list.
New Bankruptcy Law Changes - Outlines major changes you should know about in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), also known as the new bankruptcy laws.
This is important! The new bankruptcy law requires all debtors to fulfill two education requirements: a credit counseling course prior to filing and a financial management course before obtaining a discharge. Failure to complete either of these courses and file the appropriate certificates with the court will prevent a successful bankruptcy. The Chapter 13 Trustee will offer the required courses to Chapter 13 debtors, but Chapter 7 debtors are required to take the courses on their own.
Find a U.S. Trustee Approved Pre-Bankruptcy Counseling Provider and Post-Filing Debtor Education Provider.
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