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Filing for Bankruptcy in FL

While you may have other debt-relief options available to you to fix your financial health, filing for bankruptcy in FL is the most practical option for a lot of people who are having difficulties supporting themselves. In Florida, the most common options for bankruptcy are chapter 7 and chapter 13.

Keep in mind that the bankruptcy process is governed by federal bankruptcy laws, not state laws, and it functions by disentangling the contracts between you and the creditors to give you a fresh financial start. The state’s bankruptcy laws, however, will be used when determining the property, you may keep while going through bankruptcy.

The Steps for Filing for Bankruptcy in FL

You will go through the following steps when you file for bankruptcy in FL:

What You Should Know About Bankruptcy Exemptions in Florida

You may be able to keep property covered under federal and state bankruptcy exemption lists. The kind of bankruptcy you file would determine what would happen to the property that can’t be exempted.

When you opt for chapter 7 bankruptcy, your bankruptcy trustee will sell any nonexempt property and use the proceeds for paying off your creditors. On the other hand, when you file for chapter 13 bankruptcy, you may keep all your property. However, you will need to pay the value of the nonexempt property to your creditors via your repayment plan. You will be given three to five years to do this. 

The property exemptions that are most used in Florida bankruptcy cases include:

In addition, you may have the option of protecting child credits, tax credits, and stimulus payments with the covid-19 rebate exemption.

Discuss Your Case With an Experienced Florida Bankruptcy Attorney Now

To learn more about the process, which type of bankruptcy is best for your case, and how you can protect your finances while going through bankruptcy, talk to our Florida bankruptcy attorney today. Schedule your complimentary case review with our Florida bankruptcy attorney by reaching us online or dialing 561-658-1789.