Pensacola, Florida. – Local bankruptcy assistance Lawyers Lewis and Jurnovoy keep abreast of any new or developing trends that impact bankruptcy in the United States, particularly in Florida. A bill was recently proposed that would increase the value of protected automobiles in bankruptcy filings. However, the bill was vetoed and Lewis and Jurnovoy are here to explain the details.
Vehicles are currently exempt from bankruptcy suits up to a certain value. The bill would have raised the cap. Governor Ron DeSantis of Florida argued that if the bill passed, individuals would be more likely to file for bankruptcy, which would exacerbate the problem.
As DeSantis said, “While it may be time to consider increasing the outdated exemption amount, this increase should apply to all individuals who can claim exemptions in Florida, whether whether they are bankrupt or not, so that people are not incentivized to file for bankruptcy, which has lasting negative consequences on a person’s credit history.
Although bankruptcy can be useful for some people since it allows them to start from scratch and rebuild their finances in a healthy way, it should not be used excessively. Laws that push individuals to declare bankruptcy could bring the system down and make matters worse for those who might otherwise benefit the most.
Lewis and Jurnovoy have over 20 years of legal experience. They help people in financial difficulty who wish to declare bankruptcy to do so smoothly and with the most optimal results. Since no two cases are the same, by offering free assessment appointments to those considering bankruptcy, Lewis and Jurnovoy are able to effectively understand each individual’s situation from the start. For more information on Bankruptcy aid in Pensacola or surrounding areas, call Lewis and Jurnovoy at (850) 863-9110 or visit them online atlewisandjurnovoy.com.
For more information about Lewis & Jurnovoy, PA Pensacola, contact the company here:
Lewis & Jurnovoy, Pennsylvania Pensacola
1100 North Palafox Street
Pensacola, Florida 32501