Bankruptcy is a complex area of financial law which many people struggle to understand. The laws of the state where you file for bankruptcy can have important ramifications as to which protections and exemptions are available to you and your assets. Fortunately, there’s an experienced and knowledgeable team of tax attorneys on your side to offer advice. So, if you find yourself asking, “I’ve just moved to Florida, can I file for bankruptcy?” don’t worry. The Law Offices of Patrick L. Cordero are here to help.
Bankruptcy in the United States is generally covered under federal law. Detailed in the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, this means that no matter when you moved to a new state, such as Florida, you can still file for bankruptcy. This, however, does not mean that the specific protections of the state you now reside in, such as Florida, apply to you. In order to claim Florida bankruptcy exemptions and protections, an individual must satisfy certain criteria.
The 730 Day Rule
According to the United States Tax Code you can utilize your Florida’s bankruptcy protections if you have lived in the state for the previous 730 days prior to filing. This criterion, known as the “730-day rule” allows those who have lived in Florida for the previous two years to protect their assets from seizure by creditors.
The 180 Day Rule
If you have not resided in Florida for the previous two years, and thus do not satisfy the requirements of the 730 day rule, you are required the use the exemptions provided in the bankruptcy code of the state which you resided in for the greater part of the 180 days previous to the 730 days before your bankruptcy filing. . This is known as the “180-day rule.” While this may sound confusing, it doesn’t have to be.
Say, for example, you resided in New York prior to moving o Florida. If you file for bankruptcy in Florida but haven’t lived there for the required 2 years, the courts will look at where you resided two years ago. Once this is determined, they will look at where you were residing for the better part of the three months before then. As this was most-likely also New York, you would be required to use New York state bankruptcy exemptions.
Work With the Largest Bankruptcy Lawyer in Florida
At the Law Offices of Patrick L. Cordero, we are proud to be the largest bankruptcy law firm in the entire state of Florida. Offering personalized attention to every case, we understand that your situation is unique. We approach each unique situation to ensure you get the attention you deserve. If you are considering applying for bankruptcy protection, having an experienced lawyer on your side can go a long way.
Trust the Lawyer of the Decade, the Minority Lawyer of the Year, and the Largest Bankruptcy Firm in Florida and we’ll work to get you the best outcome possible. Trust in the experienced and passionate attorneys at The Law Offices of Patrick L. Cordero to help you. Call us for a free consultation today at (305) 445-4855.