Which Is Better For You: Old Bankruptcy Law or New Law?
Many people are scrambling to file bankruptcy before the new law goes into effect on October 17, 2005. The New York Times, Orlando Sentinel, and other Florida newspapers have recently published articles about the increase in new filings. Yet, many new Florida residents would fare better if they waited until after October 17 and filed under the new law. The reason is that bankruptcy debtors who moved to Florida within the past two years would be treated under the exemption laws of their previous state of residence or the standard federal exemptions. Florida has a particularly generous homestead exemption, but the exemptions provided by some other states and the federal exemptions are more liberal for other types of assets. For example, the federal exemptions protect in bankruptcy $15,000 of homestead, $2,400 of vehicle equity and $1,500 tools of trade whereas Florida statutes provide only a $1,000 vehicle exemption and no exemption for tools of trade. A new Florida resident who rents or who has little homestead equity, but who has a valuable car may do better in bankruptcy after October 17, 2005.
The new bankruptcy law makes filing bankruptcy much more complicated. Anyone now considering bankruptcy should make sure they discuss all options with a bankruptcy attorney and should not assume that filing under the old law will be in their best interst.
I filed bankrupcty chapter 13 on September 5, 2005, under the old bankructy law. I know child support can be be discharged, but under the consumer protection bankructy act I thought your payments could be on hold until the chapter 13 is done. It that true! amd if so were can I get a copy of the consumer protection act.