Best Bankruptcy Lawyers in Vero Beach, FL

LIQUIDATION EXEMPTIONS IN FLORIDA BANKRUPTCY LAW People who have a lot of debt and money problems may see bankruptcy as their last option. Some people don't want to give bankruptcy much thought because it seems like a bad choice. But if you are ready and know how to find and use exemptions, bankruptcy can be a good way to get your finances back on track. Bankruptcy is not a dead end; it's a way out. Even though bankruptcy isn't usually seen in the best light, it's more of a way out than a dead end. The goal of bankruptcy is to give people and businesses a way to settle, reduce, or get rid of their debts under the supervision of the law and the courts. This usually means that assets are taken and sold to pay off debts, but federal and state exemption laws can protect some assets from being liquidated. EXEMPTIONS PROTECT SOME ASSETS If you decide to file for bankruptcy, you might be able to get special exemptions that keep some of your assets from being taken by the government. The laws of each state are different, but the Tampa Bay Bankruptcy Center says that Florida state law guarantees a wide range of exceptions. For many people, their home is their most valuable possession. The Florida Homestead Exemption may protect your home from being taken away. For your home to qualify, it can't be on more than a half-acre of land in the city or 160 acres in rural or country areas. As long as your home meets these requirements, creditors cannot take it from you.