Are you drowning in debt? Are your wages being garnished? Are you getting called day and night by debt collection agencies? Sometimes, through no fault of our own, we end up overwhelmed by bills and debt. In these situations, filing for bankruptcy may be your best option. Many people are afraid or embarrassed to file bankruptcy. Don’t be. At ZinnLaw, for more than 30 years, we’ve been helping people declare bankruptcy and get a fresh start. If you think bankruptcy is your best course of action, it is important to be as informed as possible. Read on as your Southwest Florida bankruptcy attorneys explain what to expect from the bankruptcy process.
If you are afraid of losing your home, or your car, you’ll find Florida’s laws are fairly forgiving. We have several laws and regulations in Florida that allow for certain exemptions when you are filing for bankruptcy. Here are some of the regulations you should know about:
If you are afraid of losing your home, or your car, you’ll find Florida’s laws are fairly forgiving. We have several laws and regulations in Florida that allow for certain exemptions when you are filing for bankruptcy. Here are some of the regulations you should know about:
- The Florida Homestead Exemption allows you to protect an unlimited amount of equity in your residential home if you have owned your home for a long time.
- The Florida Motor Vehicle Exemption allows up to $1,000 to be protected in a single motor vehicle.
- The Florida Wildcard Exemption allows protection of up to $5,000 in property, provided filers are not using the homestead exemption. This is ideal for people who rent rather than own their home, for example.
- If a married couple is filing for bankruptcy together, they can then double the exemption on any property they both own.
- What assets, if any, you have.
- Whether you own a small business.
- The amount and types of your debts.
