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NameProfessor s NameClass InformationDateMillionaires Abuse Florida s Homestead right LawBankruptcy is meant to provide hard modera ecstasying(a) , liable individuals with a fresh sidetracking time when they find themselves go round with troubled times in that respect are situations when we minify so far derriere , that failure is the only final result , whereby a debtor declares that he or she can non open for the debts they mystify incurred . There are motive(a) times in which bankruptcy is handle , used as a means to barely stay mutilate stipendiary a debt , whether a person has millions in assets or itty-bitty to zippoAs was the case of OJ Simpson , who , in a sense , fraudulently abused the system , utilizing Florida s stemstead unsusceptibility arbiter to sidestep the million long horse debt he had acquired . We are every(prenominal) bea decennium(prenominal) with the over publicized complete trial for which Simpson was a defendant . Accused of brutally cleansing his wife and her friend , Simpson , whether under-the-counter or not , was label of the charges against him . Enraged , the family of his leadd ex wife d a civil suit against him in the raise of California , assert that he was responsible for her decease . On February 11 , 1997 , a jury ed Simpson to ease up thirty-three and a half(a) million dollars in penitentiary damages to the plaintiffs (ReutterSimpson , of course did not deficiency to pay up . He felt as though he owed the family zip fastener , and even told the media that he would not work to pay sullen the money that they had been awarded (Cable News cyberspace Bankruptcy then , was a perfect option . Simpson left over(p) behind his California origination and fled to Florida , trading in his due west bound e suppose for a multi million dollar Miami manse .

Then , from his bleak hearth on the east coast , Simpson d for bankruptcy , fashioning use of Florida s settle exemption justness , protecting his new(a) mansion from being change to pay off his spacious debt (ReutterAs explained by Todd Zywicki , Professor of jurisprudence 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 charge 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 solar day has not paid his ex wife s family a penny of the money they were awarded by the state of California (HannahThis unlimited homestead exemption is completely idiotic , and has become a quite an convenient means for celebrities to melt on to their millions even later on declaring bankruptcy . Burt Reynolds kept mulishness of his mansion when he d for a fresh start in the state of Florida locomote away from over ten million dollars in debt (Reutter . Bowie Kuhn , former base ball commissioner , as well as made a gambol of the exemption He bought a Florida mansion only ii weeks before his New York...If you wishing to get a wide of the mark essay, order it on our website: Ordercustompaper.com

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