Secure A Debt-Free Future
Filing bankruptcy means that your debts outweigh your ability to repay them. It does not, however, mean that you must make a pledge to live in abject poverty to obtain debt relief. Both federal and state bankruptcy laws allow a debtor who files Chapter 7 or Chapter 13 bankruptcy to retain a certain amount of exempt property.
Understanding the best methods of asset protection is critical as you approach bankruptcy. Debt Relief Legal Group works hard to make sure that our clients are well informed. Our Tampa bankruptcy attorneys aim to help clients maximize the financial solutions that bankruptcy provides while minimizing negative consequences such as liquidation of personal property.
Most residents of Florida file bankruptcy using Florida’s exemptions.
The application of Florida bankruptcy laws to your situation will depend on unique factors pertaining to your income, assets, debts, cost of living and so on. Individual circumstances vary greatly. For this reason, the most important thing you can do to protect your assets when preparing to file bankruptcy is to ask an experienced attorney to review the facts of your case in detail and make recommendations that suit your particular circumstances.
Do you have student loans? Does your roof need repair? Have you given or received gifts of money to or from family members? Have you cashed in stocks or canceled a life insurance policy? Is a personal injury settlement coming your way in the near future? Is divorce on the horizon?
Your answers to these and other key questions will help determine how you can best protect all exempt property when filing bankruptcy in Florida.
For more information on bankruptcy, your property and your financial health or to speak with a lawyer about your rights, contact the Debt Relief Legal Group to schedule a free initial consultation. We can be reached at (813) 940-5120.