Bankruptcy Law in Florida

The State of Florida is an “opt-out” state. This means that, assuming the residency duration requirement is met, Florida laws and exemption rules will apply to your case. This is in contrast to many States which use the federal exemption rules or States with their own rules and laws which often vary significantly from Florida’s. Some of Florida’s more commonly used laws are:

• Special protection for primary residences in Florida.
• $1000.00 per person of unencumbered personal property exemption.
• Unlimited exemption of medical equipment.
• $1000.00 per person of automobile exemption.
• Protection of qualified retirement and pension funds.

These are just a few of the many rules and laws that apply to a Florida bankruptcy.

Contact me to help with bankruptcy laws in Florida

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which opens a new era in the history of bankruptcy law and practice, was passed by Congress and signed into law by President Bush on April 20, 2005.

The Act gives the U.S. Trustee Program new responsibilities in a number of areas, including:

1. Implementing the new “means test” to determine whether a debtor is eligible for chapter 7 (liquidation) or must file under chapter 13 (wage-earner repayment plan)
2. Supervising random audits and targeted audits to determine whether a chapter 7 debtor’s bankruptcy documents are accurate
3. Certifying entities to provide the credit counseling that an individual must receive before filing bankruptcy
4. Certifying entities to provide the financial education that an individual must receive before discharging debts
5. Conducting enhanced oversight in small business chapter 11 reorganization cases