Find out More about Bankruptcy in Tampa

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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. In order to file this type of bankruptcy you must give up all of your property and sell it to pay off your debt. When people undergo this type of bankruptcy they are liquidating their assets. In the state of Florida, certain bankruptcy exemptions laws exist that keep creditors from taking certain types of property during bankruptcy. These laws are very important for anyone who is thinking about filing bankruptcy. Filing bankruptcy is not an easy decision but both federal and Florida state laws 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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