Lakeland Chapter 7 Bankruptcy

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Bankruptcy, which can affect and individuals or a business, occurs when someone gets rid of all their debt by going through the federal court system. Your property is confiscated and then sold in order to pay off your creditors. When people undergo this type of bankruptcy they are liquidating their assets. In the state of Florida there are several bankruptcy exemptions which keep debtors from seizing certain items. Those individuals who are seriously contemplating bankruptcy should find out about these exemption laws. Bankruptcy is never an easy process but there are both federal and state laws that provide helpful exemptions.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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