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Utilize Florida Bankruptcy Law to Resolve Your Mounting Debt Issues

Utilize Florida Bankruptcy Law to Resolve Your Mounting Debt Issues
"""The bankruptcy law is the section of federal law that deals with insolvent businesses and individuals. The Florida bankruptcy law clarifies the federal bankruptcy procedure and general issues pertinent to Florida residents.

Only permanent Florida residents are permitted to file for bankruptcy in Florida's bankruptcy courts, per state law. Each bankruptcy district in Florida is home to one of the state's three bankruptcy courts: the Florida Northern Bankruptcy Court, the Florida Southern Bankruptcy Court, and the Florida Middle Bankruptcy Court. Filing for bankruptcy must be done in the district where the debtor resides. Similar to Illinois, the majority of bankruptcy claims in Florida are filed under Chapters 13 and 7 of the Federal Bankruptcy Law.

Chapter 7 is also known as straight or liquidation bankruptcy, while Chapter 13 is known as wage-earner plan. When either of the two chapters of bankruptcy are filed, a bankruptcy trustee collects the debtor's non-exempt assets and sells them for the benefit of the creditors. However, exempted properties are not accepted for selling procedures. Florida bankruptcy law aids in determining which assets are exempt and which are not. If Florida bankruptcy law renders a person ineligible for exemption, he or she is permitted to select federal exemptions.

In terms of their policies regarding exempted properties, Florida and Michigan bankruptcy laws diverge. Exempted properties are included in Florida's exemption chart. A person can exempt a property that falls under any exemption chart category closer to the amount listed. The Florida bankruptcy law allows for a liberal exemption policy. Florida exempts insurance policies, personal property, motor vehicles, the primary residence, a portion of wages, unemployment compensation benefits, disability benefits, education funds, retirement and pension funds, and health-aid interests.

Since the second week of October 2005, when the amended Florida bankruptcy law went into effect, bankruptcy filing cases have become more complex. It involves obstacles for bankruptcy filing, revised court rules, newer forms, and additional burdens for debtors and attorneys. The amended Florida bankruptcy law now limits the applicability of Florida exemption laws to individuals who have resided in the state for at least two years prior to the petition date. If you have not been a Florida resident, you must spend the majority of the six months preceding these two years in the state in order to qualify for exemption.

" - https://www.affordablecebu.com/

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"Utilize Florida Bankruptcy Law to Resolve Your Mounting Debt Issues" was written by Mary under the Finance / Wealth category. It has been read 138 times and generated 0 comments. The article was created on and updated on 02 June 2023.
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