Florida Bankruptcy Laws and Florida Bankruptcy Attorney

What Can I Keep?

You can claim a "homestead exemption" and keep the property you live on, as long as it’s not larger than ½ acre inside a municipality or 160 connected acres elsewhere.

You can exempt a motor vehicle up to $1,000 in equity, any personal property up to $1,000 (spouses can double), and any health aids. If you still owe money on the car, you can choose to reaffirm the debt to the secured lender. Under the new law, you have to reaffirm your car loan within 45 days after the "341 meeting." You no longer have the option of continuing your car payments without reaffirming the loan. Once the loan is reaffirmed, if you default on your payments and the car is repossessed, you are liable for the repossession deficiency.

The Florida Bankruptcy law doesn't wipe out voluntary liens, like mortgages and deeds of trust, or tax liens. So the lender still has the right to foreclose if you don't pay. If you pay, everyone is happy. Remember, the lender doesn't want the property; it wants you to pay regularly on the loan. Foreclosure is a last resort for the lender if it concludes it can't get the owed money any other way.

You also have the option to redeem the car within 45 days of the "341 meeting" by buying it from the secured creditor in a single payment for its present value."

Under Florida bankruptcy laws, you can keep:

• Unemployment, disability, veterans and social security benefits
• Retirement plan and life insurance proceeds
• Alimony
• Any personal property, up to $1,000 in value
• Business partnership property
• Crime victim and workers compensation
• Any professionally prescribed health aids

Money Matters:

It come from the ideal of a monetary value. Why does it exist because if it didn;t exist there would exist a barter system where you have to trade one thing to obtain another. Let say you have five fish and you want to for some lobster. depending on the amount of fish that the owner will take exist a value that the owner is willing to trade the lobster for. Without a monetary system this world would be unorganized and unable to work efficiently. It has value because it help everybody know the value of thing. Let say you want to buy a can of pepsi you know that it is around $1. without money you wouldn't know what the cost is. You have to figured it out, that why money exist. Money exist for the sole purpose of putting value on thing and making it universal for all to know.

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