Q and A About Florida Bankruptcy
November 21, 2009
Bankruptcy In Florida: What is Arbitration?
What is “arbitration”, and why do I have to care about it in Bankruptcy Court? Plainly 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 agreement 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 significant to note that a pre-dispute arbitration provision is separate and distinct from a post-dispute arbitration arrangement. In a post-dispute arbitration agreement, 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?
Some of your assets and your property, things like second vehicle, collections, antique cars, boat, computers, pictures, a vacation home, and other things of value cease being yours once you file for bankruptcy. Rather, much of your property and assets go to the bankruptcy estate which is supervised by the bankruptcy trustee. The trustee’s role is to convert to cash any property not considered excluded or exempt and use the proceeds to fulfill your creditors.
Some people erroneously think they will be left with nothing once they declare bankruptcy, but that’s not true. Laws regarding property exclusion and exemption vary widely from state to state and the only way you will know for sure what is exempt and what is not is to refer to your state’s bankruptcy laws. But these laws are complex. Therefore the better way to protect yourself is by employing veteran bankruptcy lawyers. A knowledgeable attorney will review your property list and your actual 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 ]
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