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Florida Bankruptcy Lawyers Are Concerned About Exemption Provisions
By Myles Johnstone

Florida bankruptcy lawyers are able to help bankruptcy clients when it comes to going through the complexities of filing for bankruptcies, and they will provide aid to individuals as well as companies that are experiencing financial difficulties. The expertise of Florida bankruptcy lawyers will help clients see through difficult times, and even recover from the any financial crisis that may have befallen them.

Vocalizing Their Concerns

There are, however, certain lacunae in the bankruptcy laws in the state of Florida that has made many Florida bankruptcy lawyers vocalize their apprehensions. The main contention of these Florida bankruptcy lawyers is that the laws help wealthy individuals get around paying off their debts by filing for bankruptcy despite the fact that they own luxurious and costly properties including mansions, condominiums as well as ranch properties in their own names.

According to Florida bankruptcy lawyers, the Bankruptcy Code has provisions that are not strict enough and also allow home exemptions to be abused. The state of Florida allows a person to exclude a residence that is of over 150 acres - no matter what it costs, which has made Florida and Texas to be labeled as a haven for debtors who are taking advantage of such exemptions.

To illustrate these laxities, two examples were given in which one involved a Florida resident that filed for bankruptcy and was permitted his luxurious ranch property while being freed of debts that totaled a whopping US seventy million dollars. The other example given pertained to a Florida bankruptcy lawyer who acknowledged that many clients requested him to help them obtain properties in Florida. Such clients were facing foreclosures and intended to file for bankruptcy in Florida due to the exemptions in the laws there.

Such examples have led Florida bankruptcy lawyers to introduce provisions to the Federal Bankruptcy code which basically aim to limit exemptions in Florida to levels that are the same or compared well with those across other states in the United States. If such provisions do get incorporated, Florida bankruptcy lawyers would feel that protection would be available to creditors from abusive bankruptcy clients.

Florida bankruptcy lawyers can operate in Florida's three bankruptcy courts which include the Florida middle bankruptcy court, Florida northern bankruptcy court and the Florida southern bankruptcy courts. In any case, Florida bankruptcy lawyers need to be aware of the exemptions in the law since Florida bankruptcy laws deviate from federal bankruptcy laws in this regard.

Author Details:
Myles Johnstone writes exclusively about finance related sites such as asset finance and Small Business Finance Info.com
Visit http://www.statesecurities.plc.uk/ for asset finance solutions.

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