Understand the process of business bankruptcy in Florida

It's important to understand Florida bankruptcy law, which changed dramatically in 2005 with the changing of the federal bankruptcy laws. The new laws made filing for bankruptcy much more expensive and tedious. Now when applying for bankruptcy in Florida, the debtor must go through credit counseling and a means test.

I recommend: FloridaBankruptcyLaws.com gives a Florida bankruptcy guide that details and  explains the new Florida bankruptcy laws and the changes that were made. The government offers an online manual that lists all the bankruptcy forms that you need to file.

Find a good Florida bankruptcy attorney when filing for bankruptcy

Like it or not, a good lawyer is absolutely necessary when filing for bankruptcy, particularly when you have a business involved. The more assets you have, the more complicated your filing may be, and you want a good attorney to make navigating Florida business bankruptcy law as smooth as possible.

I recommend: Florida Lawyer Directory offers a listing of Florida bankruptcy attorneys throughout the state. It’s a great place to start on your search.

Know the exemptions you have under Florida bankruptcy law

It is important to understand what you can and cannot protect from creditors. This varies under different bankruptcy laws, but Florida has one of the most generous homestead exemption laws of any of the states. Also income such as alimony, child support, and certain pensions are exempt as well.

I recommend: Visit Florida Bankruptcy Laws' exemptions page. It covers all exemptions available under Florida bankruptcy law and explains the assets you can exempt.