The State of Florida falls as the 4th most populated State in the United States. It has an estimated recorded population of over 18 million. Florida lies in the 11th circuit of US Bankruptcy courts. In 2007 Florida had a total of 41,462 bankruptcy filings. In 2008 there were 67,649 bankruptcy filings, an increase of 63.2%. Florida makes up almost 6 percent of the population of the United States. Bankruptcy Law in Florida is not different from bankruptcy law in the other US states because bankruptcy is regulated under US federal law. However what is different are the Bankruptcy Florida exemptions. Bankruptcy exemptions in general differ slightly from State to State.
If you are looking to file for bankruptcy in Florida, Bankruptcy Florida exemptions are relatively simple to understand compared to other states where they can be rather complicated.
If you are filing bankruptcy in Florida you are allowed an unlimited homestead if your property is under a half acre in the city or 160 acres outside the city. To file for bankruptcy using this homestead rule however you must be aware that Bankruptcy Florida exemption for this homestead is limited to $136, 875 if the property was acquired within 1,215 days of filing for bankruptcy.
If you file for bankruptcy in Florida, the Bankruptcy Florida exemption for your automobile is up to $1,000. Under Florida bankruptcy law, the exemption for your personal property is up $1,000 and Health Aids are considered exempt. Filing for bankruptcy in Florida also allows you Tools of Trade as an exemption but they must be included in personal property.
Filing for bankruptcy in Florida, in regards to it’s exemptions, may be more straight forward then some other states but can still be somewhat confusing. If you are thinking of how to file bankruptcy to take advantage of the allowable Bankruptcy Florida exemptions, you should connect with a Bankruptcy Attorney that practices in Florida. Only a Bankruptcy Florida Attorney can clearly and simply answer each and all of your bankruptcy questions and explain the best way to take advantage of the allowable exemptions for your particular situation of filing bankruptcy.
|
