Legal Question in Bankruptcy in Florida

The required time of residency in a state before you can file in that state is six months. However, the real question is which set of exemptions you will be allowed to use. In order to use Florida's exemptions, you either have to live here for 2 years or have moved back in forth in such away that you have lived in Florida the longest over the past 5 years, thanks to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Which set of exemption you are allowed to take will determine what you will need to do with your whole life insurance. Generally, these things are exempt, but I am not licensed to practice in Virginia, and don't know their exemption laws off the top of my head. You would definitely want to hire an attorney, though. Yours will not be a simple case considering the exemption twist. Avoid paralegals and bankruptcy petition preparers as they will not be able to advise you thoroughly enough for your case.

For more exemption info, check out our law library on www.LaBellaLaw.com, and as always, we would love to have the opportunity to talk to you about your case. Its a free consult and can be arranged by phone.