Bankruptcy laws deal with bankrupt individuals or businesses. It is an area of federal law, but the bankruptcy laws tend to vary slightly from state to state. Florida bankruptcy laws are a bit more stringent and there have been several changes in these laws in recent times, so let us take a look at the latest laws that are applicable in the current scenario.
It is to be noted here that under Florida bankruptcy law, you can only file if you are a permanent resident of Florida in any local court allocated for that purpose. There are three bankruptcy courts in each district, while the bankruptcy case is filed in the district residence.
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Most claims are personal claims that come under Chapter 7 and 13 of the federal bankruptcy law. Liquidation or straight Chapter 7 is also termed as liquidation or straight bankruptcy. Chapter 13 bankruptcy is otherwise recognised as a wage-earner plan. The trustee seizes all the non-exempted property at the time of filing Chapter 7 or Chapter 13 bankruptcy, but the trustee is not empowered to take over the exempted property.
Resolutions regarding non-exempted and exempted properties are made as per the latest laws. The affected person rendered ineligible for any exemption, under latest laws; he/she has the option of choosing the Federal Law exemptions.
Deviation with regard to exempted property is followed as per relevant regulations Exempted properties are included in the Florida bankruptcy exemptions chart. Any property falling within any of the categories in the chart, up to the dollar amount listed is exempted.
Filing of bankruptcy cases that came into effect from October 17, 2005 brought in as per the new law are very stringent creating hurdles in bankruptcy filing, new forms, court rules et al, culminating in extra work for attorneys and debtors.
The revised Florida bankruptcy law is applicable to only those resident in Florida two years or more until the filing date.
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