A new Fla. law intended to update the state insolvency process and encourage debtors and creditors to use it as an alternative to federal bankruptcy takes effect Sunday. Florida debtors will enjoy some expanded protections, and creditors and assignees will see a streamlined process. One of the biggest changes will be that creditors of companies or individuals pursuing tort claims can now gain legal standing in the tort proceedings and use any recovered damages to satisfy debt.
June 29, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A new Florida law intended to update the state insolvency process and encourage debtors and creditors to use it as an alternative to federal bankruptcy takes effect Sunday.
Under the changes signed into law by Gov. Charlie Crist on June 19, Florida debtors will enjoy some expanded protections, and creditors and assignees will see a streamlined process.
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