Florida bankruptcy laws are the specific bankruptcy laws that describe the federal bankruptcy process for the people residing in the state of Florida.
Important Points Of The Florida Bankruptcy Laws
•As per the Florida bankruptcy laws, only a permanent resident of Florida can file a court petition for bankruptcy.
•There are three bankruptcy districts in Florida and each of these districts has one bankruptcy court to handle the various bankruptcy cases in that particular area. These three bankruptcy courts are Florida northern bankruptcy court, Florida Central bankruptcy court, and Florida southern bankruptcy court.
•The bankruptcy cases specific to a particular district must be filed in the bankruptcy court of that district. For example, if you are a permanent resident of the central Florida, you are supposed to file for bankruptcy in the Florida Central bankruptcy court.
•The Florida bankruptcy laws are different from laws in other states when it is about non-exempt and exempt property. As per the state specific laws, if a debtor is declared as unqualified for an exception by any of the Florida bankruptcy court, that debtor may choose to go for federal exemptions. The Florida bankruptcy laws permit for the same.
•If you want to know about the kinds of properties that are exempted as per the Florida bankruptcy laws, you must refer to the Florida bankruptcy exemptions chart.
•Florida bankruptcy laws are known to allow most liberal bankruptcy exemptions, including the following.
◦Residential property – The property exempted in this regard have not be valued in dollars, but by area. You can exempt residential properties of one hundred and sixty acres that are located outside the municipality. However, if the residential properties are located within a municipality, only half acres are exempted as per the Florida Bankruptcy Laws.
◦Personal properties – Up to one thousand dollars
◦One car or any other vehicle – up to one thousand dollars
•Other exemptions may include life insurance policies, health aid and education funds, etc.