Florida Governor Signs Bill Increasing Motor Vehicle Exemption in Bankruptcy
–News Direct–
The Florida Governor today signed bill SB158 into law, which increases the value of motor vehicles owned by individuals in bankruptcy. The bill raises the motor vehicle exemption from $1,000 to $5,000, enabling more people to keep their cars during bankruptcy proceedings. The previous $1,000 exemption was one of the lowest in the nation.
The law was initially put forth during the 2022 legislative session by Rep. Michael Gottlieb and Rep. Christopher Benjamin at the behest of Fort Lauderdale bankruptcy attorney Chad Van Horn. While both the Florida House and Senate approved the bill at the time, it was not signed into law by the governor. At this years legislative session, the bill, sponsored by Rep. Christopher Benjamin and co-sponsored by Rep. Gottlieb, Rep. Dotie Joseph and Rep. Johanna Lopez. It was signed into law today by Governor Ron DeSantis.
I pushed for this change because I see hundreds of people each year lose their transportation in bankruptcy proceedings, which makes it harder for them to work and perpetuates the downward spiral into financial insecurity and distress, said Chad Van Horn, founding partner attorney of Van Horn Law Group. Although it took two years, Im still extremely gratified the motor vehicle exemption was approved as it will provide much-needed assistance to individuals in dire financial circumstances.
Van Horn Law Group, P.A. among the top bankruptcy firms in the nation based on number of cases filed in the last 12 months (pacer.gov), is dedicated to restoring peace of mind to individuals in financial distress by providing first-rate, affordable legal services with compassion, understanding and respect. The firm practices in the areas of personal and corporate bankruptcy, student loan consolidation and litigation, foreclosure defense, corporate reorganization, debt negotiation, civil litigation, debt relief, personal injury and consumer law. Van Horn, the author of Everything You Need to Know About Bankruptcy in Florida and The Debt Life, is certified in business and consumer bankruptcy.
Van Horn Law Group, P.A. is headquartered in Fort Lauderdale with satellite offices in Doral, Miramar and Orlando. For more information about Van Horn Law Group, call (954) 637-0000 or visit www.vanhornlawgroup.com.
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Contact Details
Cindy Schutt PR
Cindy Schutt
+1 954-805-0361
Company Website
https://www.vanhornlawgroup.com/
View source version on newsdirect.com: https://newsdirect.com/news/florida-governor-signs-bill-increasing-motor-vehicle-exemption-in-bankruptcy-946455914
Van Horn Law Group, P.A.
COMTEX_451479523/2655/2024-04-26T17:40:46
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