BANKRUPTCY.
The attorney is available for Chapter 7 bankruptcy representation, as well as representation in litigated bankruptcy proceedings.
Chapter 7
What is Chapter 7 and how is a Chapter 7 case commenced?
Chapter 7 is part of the bankruptcy law (Chapter 7 of Title 11 of the United States Code), and it is sometimes referred to as a "liquidation" because nonexempt assets may be liquidated as part of the bankruptcy proceeding. Property that is not exempt can be taken from a debtor and sold by the Trustee to pay unsecured creditors. A debtor can usually prevent this result by paying cash for the nonexempt property or by coming to an agreement with the Trustee where the Trustee agrees to accept an exempt asset of roughly equivalent value. A Chapter 7 proceeding is commenced by filing a petition which lists all assets and liabilities, as well as other information, with the bankruptcy court.
What are bankruptcy exemptions?
The legislatures of each state have enacted a set of exemptions which may be utilized by persons who are sued in that state. Those same exemptions control what property a debtor who meets the domicile requirements may keep in a Chapter 7 bankruptcy. Florida has a set of exemptions which are unique to Florida and which include important exemptions for both personal property and real estate, one important such exemption being the homestead exemption. The extent to which Florida's unlimited homestead exemption may be utilized, however, depends upon the length of time the homestead has been owned and other legal considerations. It should not be assumed that Florida's unlimited homestead exemption applies to every case. Each case must be evaluated based upon all relevant facts as will be explained in more detail below.
What domicile requirements must be met to utilize Florida's exemptions?
A Chapter 7 debtor may use Florida's exemptions if the filer has been a resident of Florida for at least 2 years before
filing for Chapter 7.
If a debtor does not meet Florida's domicile requirements may the Chapter 7 case be filed in Florida?
Yes, as long as the debtor meets certain residency requirements. An debtor can file bankruptcy in Florida by residing in Florida for a longer period of time than in any other state during the previous 180 days. Essentially, once a debtor resides in Florida for 91 days, venue is proper in Florida. A debtor who does not meet the Florida domicile requirements will not be permitted to utilize the Florida exemptions but will need to utilize another set of exemptions to be evaluated on a case-by-case basis.
Chapter 7
What is Chapter 7 and how is a Chapter 7 case commenced?
Chapter 7 is part of the bankruptcy law (Chapter 7 of Title 11 of the United States Code), and it is sometimes referred to as a "liquidation" because nonexempt assets may be liquidated as part of the bankruptcy proceeding. Property that is not exempt can be taken from a debtor and sold by the Trustee to pay unsecured creditors. A debtor can usually prevent this result by paying cash for the nonexempt property or by coming to an agreement with the Trustee where the Trustee agrees to accept an exempt asset of roughly equivalent value. A Chapter 7 proceeding is commenced by filing a petition which lists all assets and liabilities, as well as other information, with the bankruptcy court.
What are bankruptcy exemptions?
The legislatures of each state have enacted a set of exemptions which may be utilized by persons who are sued in that state. Those same exemptions control what property a debtor who meets the domicile requirements may keep in a Chapter 7 bankruptcy. Florida has a set of exemptions which are unique to Florida and which include important exemptions for both personal property and real estate, one important such exemption being the homestead exemption. The extent to which Florida's unlimited homestead exemption may be utilized, however, depends upon the length of time the homestead has been owned and other legal considerations. It should not be assumed that Florida's unlimited homestead exemption applies to every case. Each case must be evaluated based upon all relevant facts as will be explained in more detail below.
What domicile requirements must be met to utilize Florida's exemptions?
A Chapter 7 debtor may use Florida's exemptions if the filer has been a resident of Florida for at least 2 years before
filing for Chapter 7.
If a debtor does not meet Florida's domicile requirements may the Chapter 7 case be filed in Florida?
Yes, as long as the debtor meets certain residency requirements. An debtor can file bankruptcy in Florida by residing in Florida for a longer period of time than in any other state during the previous 180 days. Essentially, once a debtor resides in Florida for 91 days, venue is proper in Florida. A debtor who does not meet the Florida domicile requirements will not be permitted to utilize the Florida exemptions but will need to utilize another set of exemptions to be evaluated on a case-by-case basis.