Bankruptcy laws deal with bankrupt individuals or businesses. It is an area of federal law, but the bankruptcy laws tend to vary slightly from state to state. Florida bankruptcy laws are a bit more stringent and there have been several changes in these laws in recent times, so let us take a look at the latest laws that are applicable in the current scenario.

It is to be noted here that under Florida bankruptcy law, bankruptcy can be filed by only a permanent resident of Florida in any local bankruptcy court. There are three bankruptcy courts in each bankruptcy district, while the bankruptcy case is filed in the district residence.

Most bankruptcy claims are personal claims that come under Chapter 7 and 13 of the federal bankruptcy law. Liquidation or straight Chapter 7 is also termed as liquidation or straight bankruptcy. Chapter 13 bankruptcy is otherwise recognised as a wage-earner plan. The trustee seizes all the non-exempted property at the time of filing Chapter 7 or Chapter 13 bankruptcy, but the trustee is not empowered to take over the exempted property. Resolutions regarding non-exempted and exempted properties are made as per the latest laws. The affected person rendered ineligible for any exemption, under latest laws; he/she has the option of choosing the Federal Law exemptions.

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The first thing a homeowner can do when they think they won’t be able to pay their monthly mortgage is contact the bank that holds the mortgage on the house. Many times the bank will work out payment plans or provide flexibility in the payment due dates. Sometimes they will even give a homeowner a 2 or 3 month break while they try to get caught up in their payments. It is more beneficial for a bank to be paid a reduced amount rather than nothing at all. They see foreclosure as a last option and will try to accommodate families who are showing an effort by extending a phone call or email to let them know of their circumstance.

There are also many non-profit agencies who will work with homeowners to try to save them from going into foreclosure. These agencies are funded by the government with the goal of keeping people in their homes. They have financial counselors who know the court system and can point families in the right direction. They also know of grants and funding that are available for people who have special circumstances that prevent them from paying their bills on time. This could include people who have been injured, lost their jobs, had a death in the family, etc. By knowing how the judicial system works and all of the resources available, these non-profit groups are extremely beneficial and free to homeowners.

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