You Decide

NameProfessor s NameClass InformationDateMillionaires Abuse Florida s Homestead Exemption LawBankruptcy is meant to provide hard running(a) , responsible individuals with a fresh setoff when they find themselves go about with troubled times in that respect are situations when we fall so far behind , that failure is the only solution , whereby a debtor declares that he or she cannot open for the debts they have incurred . There are other times in which bankruptcy is abused , used as a means to simply stay mutilate paying a debt , whether a person has millions in assets or little to zippoAs was the case of OJ Simpson , who , in a sense , fraudulently abused the system , utilizing Florida s stemstead exemption justice to sidestep the million dollar debt he had acquired . We are all bea decennium(prenominal) with the over publicized murder trial for which Simpson was a defendant . Accused of brutally killing his wife and her friend , Simpson , whether illegal or not , was acquitted of the charges against him . Enraged , the family of his deceased ex wife d a civil suit against him in the raise of California , asserting that he was responsible for her decease . On February 11 , 1997 , a jury ed Simpson to pay thirty-three and a half million dollars in punitory damages to the plaintiffs (ReutterSimpson , of course did not deficiency to pay up . He felt as though he owed the family nothing , and even told the media that he would not work to pay off the money that they had been awarded (Cable News Network Bankruptcy then , was a perfect option . Simpson left behind his California cornerstone and fled to Florida , trading in his west coast estate for a multi million dollar Miami mansion .

Then , from his bleak home on the east coast , Simpson d for bankruptcy , making use of Florida s homestead exemption law , protecting his new mansion from being sold to pay off his vast debt (ReutterAs explained by Todd Zywicki , Professor of law at George Mason University , the law in Florida , which is similar to those in Iowa Kansas , South Dakota , and Texas , allows debtors to keep their homes when declaring bankruptcy . Shockingly , the homestead exemption is unlimited meaning that whether a debtor s home is worth mere pennies or billions it cannot be seized to pay off debt in a bankruptcy run (Zywicki This loophole worked quite well for Simpson , who to this day has not paid his ex wife s family a cent of the money they were awarded by the state of California (HannahThis unlimited homestead exemption is completely pathetic , and has become a rather convenient means for celebrities to persist on to their millions even after declaring bankruptcy . Burt Reynolds kept self-will of his mansion when he d for a fresh start in the state of Florida walking away from over ten million dollars in debt (Reutter . Bowie Kuhn , former base ball commissioner , too made a joke of the exemption He bought a Florida mansion only two weeks before his New York...If you want to get a full essay, order it on our website: Ordercustompaper.com

If you want to get a full essay, wisit our page: write my paper