Florida Bankruptcy Law

Understand the ins and outs of Florida's Bankruptcy Law
By T.S. Johnson Sweet Potato Pie No one in Florida has every started a business with bankruptcy in his or her thoughts, but there comes a time when many business owners are forced to research Florida bankruptcy laws.
 

If your business resides in the state of Florida, you have something to be thankful for in your difficult times. While the bankruptcy proceedings won’t be pleasant, they will be more pleasurable filing for bankruptcy in Florida than anywhere else because there is a favorable bankruptcy law. Florida gives you more exemptions than many other states.

Before filing for bankruptcy in Florida, keep in mind the following:

1. Have a plan for life after bankruptcy. Florida gives you a head start because it allows you to keep your home. It can be easy to look at your current situation as an end, and in many ways it is, but also view it as a new beginning.
2. Have a good understanding of all that Florida bankruptcy laws entail and know how they will affect your life, from your credit rating to your ability to start a new business.
3. Know what brought you to this point. Learn form the situation for your next business endeavors.

Understand the process of business bankruptcy in Florida

It's important to understand Florida bankruptcy law, which changed dramatically in 2005 with the changing of the federal bankruptcy laws. The new laws made filing for bankruptcy much more expensive and tedious. Now when applying for bankruptcy in Florida, the debtor must go through credit counseling and a means test.
Try: FloridaBankruptcyLaws.com gives a Florida bankruptcy guide that details and  explains the new Florida bankruptcy laws and the changes that were made. The government offers an online manual that lists all the bankruptcy forms that you need to file.

Find a good Florida bankruptcy attorney when filing for bankruptcy

Like it or not, a good lawyer is absolutely necessary when filing for bankruptcy, particularly when you have a business involved. The more assets you have, the more complicated your filing may be, and you want a good attorney to make navigating Florida business bankruptcy law as smooth as possible.
Try: Florida Lawyer Directory offers a listing of Florida bankruptcy attorneys throughout the state. It’s a great place to start on your search.

Know the exemptions you have under Florida bankruptcy law

It is important to understand what you can and cannot protect from creditors. This varies under different bankruptcy laws, but Florida has one of the most generous homestead exemption laws of any of the states. Also income such as alimony, child support, and certain pensions are exempt as well.
Try: Visit Florida Bankruptcy Laws' exemptions page. It covers all exemptions available under Florida bankruptcy law and explains the assets you can exempt.

• Gather and fill out all of your paperwork early in the process. You don't want the proceeding held up because you haven't filled out the necessary paperwork.
• Stay organized. Bankruptcy proceedings require a lot of paperwork, from the necessary government forms to your own records covering your income, assets and your tax forms.