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What can You Keep After Declaring Bankruptcy in Florida?

One of the most common questions that potential bankruptcy filers have is whether they will be able to keep their possessions after bankruptcy. The answer is, “Sometimes.” It depends on a number of factors, but some personal property is considered to be “exempt,” meaning that the owner is able to keep that property after a bankruptcy discharge. One important consideration for people who are filing for bankruptcy is that in Chapter 7 bankruptcy, a person must have little to no disposable [...]

How Filing Bankruptcy can Impact Your Rental Property

While many people who file for bankruptcy understand the basics of the process, people frequently have questions about how specific types of property are handled. If you own a rental house, property, or commercial unit, it is important to consider how these types of property will be affected if you file for bankruptcy. Chapter 7 Bankruptcy and Rental Properties When a person files for bankruptcy under Chapter 7, the individual is allowed to keep certain property that is classified as exempt. Whi[...]

Florida Bankruptcy Exemptions Provide Protection

Florida Bankruptcy Exemptions Chapter 7 bankruptcy is what most people would think of when they think “bankruptcy.” It is the process by which individuals have many or all of their debts discharged. This is achieved through a liquidation process by which many of the debtor’s assets are sold. The proceeds from this liquidation are then used to satisfy creditors. Whatever debt is leftover is, in many cases, then wiped out, giving the debtor a clean slate. This process may seem frightening,[...]