The decision to file for bankruptcy is a difficult one, and there is a lot of things to find out about which type of bankruptcy, if it's a chapter 7 bankruptcy or chapter 13 bankruptcy, is best for your current financial situation, before filing. One thing a person who is considering bankruptcy should look into is, what would be considered exempt from bankruptcy if one should file.
Exemptions differ among states. Each state has laws for exemptions. For those who reside in Florida, it is important to know what is considered a bankruptcy exemption in their state. With chapter 7, Florida exemptions can help a debtor keep some property, and with chapter 13, Florida exemptions impact how much a debtor pays creditors with in the terms of the plan.