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Spendthrift trusts are technically not "exempt" from the bankruptcy estate, but are "excluded" from the bankruptcy estate pursuant to section 541(d) [24] of the Bankruptcy Code. A spendthrift trust is a creature of Florida state law and must meet is requirements in order to be considered a spendthrift trust. [25]
However, states are sovereign entities and they cannot transfer their police power (e.g. power to raise taxes) to creditors or other entities. [8] Hence, both the Contract Clause and state constitutional provisions are weighed against the public interest behind the potential bankruptcy and the necessity and reasonableness of the legislation.
Bankruptcy in the United States is a matter placed under federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which empowers Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States".
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
Florida's homestead exemption that provides an exemption from forced sale before and at death are among the most protective in the United States as it provides no limit to the value of certain real property that can be protected from creditors. The property tax exemption clause of Article VI renders property tax-free to the extent of certain ...
The Bankruptcy Judges, United States Trustees, and Family Farmer Bankruptcy Act of 1986 made substantive changes relating to family farmers and established a permanent United States trustee system. The 1986 Act applies to cases filed since November 26, 1986. The Bankruptcy Reform Act of 1994 is effective as to cases filed on or after October 22 ...
Seminole Tribe of Florida v. Florida, 517 U.S. 44 (1996), was a United States Supreme Court case which held that Article One of the U.S. Constitution did not give the United States Congress the power to abrogate the sovereign immunity of the states that is further protected under the Eleventh Amendment. [1]
You may improve this article, discuss the issue on the talk page, or create a new article, as appropriate. ( July 2019 ) ( Learn how and when to remove this message ) This is a list of abbreviations used in law and legal documents.