Florida bankruptcy lawyers assist bankruptcy clients in going through the complex process of filing for bankruptcy. They can provide aid needed by firms or individuals who are going through a difficult financial stage. Their expertise can help these clients pay off their debts and possibly recover from the financial crisis they are facing.
However, Florida bankruptcy lawyers have been vocal about certain problems in their bankruptcy laws. Their main contention is that the laws allow wealthy individuals to become free of their debts by filing for bankruptcy even when they still have posh properties under their name. These properties include mansions, condominiums and ranch properties.
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Florida bankruptcy lawyers maintained that the Bankruptcy Code contains provisions that are too lax to the point that homestead exemptions are abused. In Florida, a person can be allowed to exclude a residence amounting to more than 150 acres no matter how much such a property costs. Together with Texas, Florida has been tagged as a haven for debtors because of such exemptions.
To qualify their claims, two bankruptcy cases in Florida were made as examples. The first one involves a Florida resident who filed for bankruptcy but was allowed to keep his luxurious ranch property and still be freed off debts amounting to $70 million. The second one involves a Florida bankruptcy lawyer who admitted that there are clients asking him to assist them to get properties in Florida. These clients are those who are facing foreclosures and are planning to file bankruptcy in Florida because of the favorable exemptions implemented in the said state.
As a resolution, bankruptcy lawyers have introduced a provision to the Federal Bankruptcy code. Basically, this aims to limit exemptions in Florida to levels that are comparable to the rest of the states in country. This way, creditors can be protected from abusive bankruptcy clients.
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