Can Bankruptcy Save My House?
Saving Your Home in A Nutshell
Can I file Bankruptcy and keep my house? One of the first questions ask me when they are thinking about bankruptcy is to save their home. Your home is not only generally your biggest investment but also where you and your family feels safe in in an uncertain world and holds many memories.
In Many Cases You Can Keep Your Home. In a Chapter 7 bankruptcy in Florida, you home is protected due to homestead exemption laws. A person can keep an unlimited amount of equity in their home (receive the full amount of exemption) as long as, (1) the property is smaller than half of an acre if is within a municipality, or smaller than 160 acres if it is not and (2) that you owned the property for at least 1,215 days before you filed for bankruptcy.
If you do not meet this requirement, then you may not receive the benefit of a full exemption. The issue of exemptions for new Florida residents can be quite complicated. For full analysis, evaluation, and strategy of your unique situation requires a meeting with an attorney at The Marin Law Firm. We are here to navigate and guide you through the complex laws of bankruptcy.