The Importance Of Florida's Bankruptcy Procedure & Exemption Laws

Our bankruptcy system is controlled by federal bankruptcy laws, which were enacted by the U.S. Congress. However, state bankruptcy laws will also play a vital role in any bankruptcy hearing. For instance, each state has laws enacted to determine property exemptions and courtroom procedures applicable to bankruptcy proceedings. An experienced Tampa divorce attorney should have a thorough understanding of both federal and Florida bankruptcy laws.

Florida bankruptcy law will need to be consulted in order to determine the appropriate procedural and filing requirements for a bankruptcy filing in Florida. In order to file for bankruptcy in Florida and be able to take advantage of Florida's bankruptcy protection an applicant must be a permanent resident of Florida. Currently Florida has three bankruptcy districts, Northern, Central, and Southern Bankruptcy District.  Florida residents will be required to submit the bankruptcy petition to the bankruptcy court located within its district. Tampa is in the jurisdiction of the Central Bankruptcy District, thus a resident of Tampa will need to file with Central Bankruptcy District. Florida's bankruptcy laws are uniform throughout the state and will not vary between the three districts. However, a good Tampa bankruptcy lawyer should always be familiar with the judges and attorneys located within each district.

Often, the most important part of a bankruptcy proceeding is determining the appropriate exemptions. Exemptions are very helpful to debtors because if property is exempted from the bankruptcy the creditors may not levy those assets. If an asset is exempt from the bankruptcy the creditor will not be able to liquidate or garnish the asset. Bankruptcy proceedings are very similar to a tug-of-war battle, debtors will try to get as much property exempted as possible, while creditors try to reduce the amount of exemptions. It is very important to have an experienced Tampa bankruptcy attorney on your side of the battle. A seasoned Tampa bankruptcy lawyer will be able to use both the federal and state level exemptions to his advantage.  Florida is one of the few states that allow debtors the ability to supplement the federal exemptions with the state specific exemptions in Florida. The Tampa bankruptcy lawyer must be very meticulous when supplementing the federal exemptions because Florida bankruptcy law strictly prohibits a complete substitution of federal exemptions with Florida's.

If you are overwhelmed with debt and thinking about filing for bankruptcy contact Florida Law Group for legal help. One of our seasoned Tampa bankruptcy lawyers can review your situation and advise you on what to expect from the bankruptcy. If you feel bankruptcy is the best solution to your financial woes we can submit the bankruptcy petition and manage the proceeding on your behalf. From start to finish our qualified Tampa bankruptcy attorneys will be by your side providing sound legal advice and support.