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When an individual's gets rid of all their debt with the help of the federal court system it is called bankruptcy. Your property is confiscated and then sold in order to pay off your creditors. This is referred to as a liquidation of assets. In the state of Florida there are several bankruptcy exemptions which keep debtors from seizing certain items. These laws are very important for anyone who is thinking about filing bankruptcy. There are federal and state laws that provide bankruptcy candidates with 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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