Bankruptcy Lawyers in Crestview Explain a Recently Vetoed Bankruptcy Bill

Crestview, Fla. — Lewis and Jurnovoy, local bankruptcy attorneys, make it a point to stay up to speed on any development or trend that affects bankruptcy in the United States, particularly in the state of Florida. A bill was recently introduced in Florida that would raise the value of vehicles that are protected during bankruptcy filings. However, the bill was vetoed, and Lewis and Jurnovoy are here to explain why.

At present, vehicles are protected from legal claims in bankruptcy up to a certain dollar amount. The proposed bill would have raised this threshold. When considering the consequences of this adjustment, Florida Governor Ron DeSantis determined that if the legislation were passed, individuals would be more motivated to file for bankruptcy, which would harm the economy.

“Although it may be time to consider increasing the outdated exemption amount, this increase should apply to all persons who can claim Florida exemptions, whether in or out of bankruptcy, so that people are not incentivized to file for bankruptcy, which has long-lasting, negative consequences for a person’s credit history,” states DeSantis.

While filing for bankruptcy may be beneficial for some individuals, as it allows them to start over and rebuild their finances in a healthy way, it should not be abused. Laws that encourage people to declare bankruptcy might disrupt the system and make matters worse for those who could benefit from it the most.

Lewis and Jurnovoy have been providing debt relief and bankruptcy assistance in Crestview and the rest of the Florida panhandle since 1998 and are dedicated to keeping their community informed. For those considering filing for bankruptcy or who have bankruptcy-related inquiries, the trusted debt relief consultants offer free consultations to help determine the best option for each client. For more information about debt relief or bankruptcy cases, give Lewis and Jurnovoy a call at (850) 409-3350 or visit them online at lewisandjurnovoy.com.