Carrollwood Bankruptcy Attorney

Bankruptcy is the term replied when individuals or businesses get rid of all their debt with the help of the federal court system. Your property is sold in order to pay off your debts. This is referred to as a liquidation of assets. However, in Florida there are some exemptions in the bankruptcy process which prevent debtors from being able to seize certain items. If you are thinking about starting a bankruptcy procedure it is important to know about these laws. Filing bankruptcy is not an easy decision but both federal and Florida state laws provide helpful exemptions.

These exemptions clearly spell out those things that are protected from bankruptcy by the law. One of the first questions that people ask is what is going to happen to my family and me and my home is taken. The Florida Homestead Exemption makes sure that your home is protected from creditors. According to Florida law, your home is protected during bankruptcy procedures and therefore cannot be seized. However, you should know that a few important stipulations do exist.

The property cannot be on more than 1/2 acre of land if located in the city. Property that is located in the country or in a rural area cannot be bigger than 160 acres, You or your spouse can use the Homestead Exemption when filling bankruptcy. When you file bankruptcy you, your spouse or your child can claim your home as a legitimate debt and it is protected according to the Homestead Exemption. Even after filing bankruptcy individuals can hold on to their expensive real estate. It does not matter how much money you owe or how much your home is worth it is safe. Your pension also falls into the exemptions and is protected when you file bankruptcy in Florida.

Creditors are not allowed to seize any retirement checks, IRA's or other governmental income that you may receive. Most people feel a little more comfortable after they realize that their pensions they have worked so hard for cannot be liquidated by creditors. In addition workers compensation, alimony, child support and unemployment are a few other examples of benefits that are exempt from bankruptcy and off limits to creditors. Parents can also rest easy knowing that if they have any Prepaid College Funds they are also except from bankruptcy. Your college accounts are safe during your bankruptcy process. In addition any money that you have put into a Medical Savings Account is safe and secure under the Florida exemption laws. If you are filing bankruptcy in Florida you should be aware of your options.

A bankruptcy lawyer or even an online website are great places to get started when trying to find out more about bankruptcy. Each state exemption law was designed with the resident in mind so Florida residents who qualify should definitely use them whenever possible. Tampa Bankruptcy Attorney, Darrin T. Mish has been helping debtors with debt problems for over a decade. At the Tampa Bay Bankruptcy Center we really care! To get more information on your bankruptcy options visit his website at: http://tampabankruptcy.pro.