Lakeland Bankruptcy Lawyers

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Bankruptcy is the term replied when individuals or businesses get rid of all their debt with the help of the federal court system. Those who file this type of bankruptcy give up any property that they own and it is sold in order to pay off their debts. This is called 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. 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.

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. You should be aware of the stipulations that exist for this exemption.

All property that is located in the city and it exempted cannot be larger than 1/2 acre. Property owners that live in the country or a rural area cannot have property larger than 160 acres. Once the conditions are met you can automatically claim your home under the Homestead Exemption and make sure it is protected during bankruptcy. This is how even people who file bankruptcy are able to save their homes. Regardless of the amount of equity in your home or the amount you owe, you get to keep your home. You should also know that when you file bankruptcy in Florida your pension is protected.

Please see full article below for more information.

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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.

© Tampa Bay Bankruptcy Center, P.A. | Attorney Advertising

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