Here are some Q and A about the topic of bankruptcy in Florida. Florida bankruptcy lawyers should be able to give you answers if you have more questions.
Bankruptcy In Florida: What is Arbitration?
What is “arbitration”, and why do I have to care about it in Bankruptcy Court? Simply put, “arbitration” is an supplemental dispute resolution mechanism. Many of the contracts entered into today by consumers contain pre-dispute arbitration understandings. A pre-dispute arbitration arrangement refers to a provision in the contract that you and the creditor agree to in advance of any disputes. Becuase almost all consumer contracts now have some form of pre-dispute arbitration provision, and the provision is non-negotiable, this provision of the contract will become important in the event that one party breaks the contract. Any claims that arise will be subject to arbitration rather than a lawsuit. It is essential to note that a pre-dispute arbitration provision is separate and distinct from a post-dispute arbitration agreement. In a post-dispute arbitration understanding, the parties agree to submit the dispute voluntarily. In post-dispute arbitration, the parties also agree whether the opinion of the arbitration panel will be binding or non-binding. [Source: http://www.bankruptcylawnetwork.com/2007/10/19/bankruptcy-in-florida-what-is-arbitration/ ]
Which Property is Exempt from Inclusion in Your Florida Bankruptcy?
Lots of your assets and your property, things like boat, a vacation home, second vehicle, collections, computers, pictures, antique cars, and different things of value stop being yours once you file for bankruptcy. Rather, much of your assets and property belong to the bankruptcy estate which is handled by the bankruptcy trustee. The trustee’s role is to convert to cash any asset not considered excluded or exempt and use the proceeds to fulfill your creditors.
Many people mistakenly think they’ll be left with nothing once they declare bankruptcy, but that’s not true. Laws regarding property exclusion and exemption vary widely from each state and the only way you’ll know for sure what’s exempt and what’s not is to refer to your state’s bankruptcy laws. But these laws are complex. Therefore the advisable way to protect yourself is by employing knowledgeable bankruptcy attorneys. A knowledgeable attorney will review your property list and your latest financial situation and help determine, based the different exemption schedules, what asset you likely will be permitted to keep. [Source: http://www.avvo.com/legal-answers/help-on-form-982---ch7-personal-bankruptcy-dischar-145798.html ]
