How much equity can I have in my home and still file Chapter 7 in Florida?

How much equity can I have in my home and still file Chapter 7 in Florida?

Florida exemption laws protect equity in your residence up to an unlimited amount. So in Florida, no matter how much equity you have in your home, you get to keep it if you file for Chapter 7 bankruptcy. (By contrast, most states don’t offer an exemption that covers near as much.)

How long do you have to live in Florida before you can file bankruptcy?

91 days
Summary for Place of Filing Bankruptcy You are allowed to file bankruptcy within the Federal District where you are currently residing once you have been living in that area for at least 91 days. If you are under that requirement, you will have to file in the old district where you lived before.

How big of a property can be exempt from bankruptcy in Florida?

Under Florida bankruptcy laws you are allowed to exempt an unlimited amount of value in your home or any other property which is covered by the homestead exemption. The only restrictions include: the property may not be bigger than half an acre in a municipality, or 160 acres elsewhere.

Can You Keep your home if you file bankruptcy in Florida?

Florida has one of the most generous homestead exemptions in the entire country. If you have equity in your home (your home is worth more than you owe on it) the homestead exemption can allow you to keep the home if you file for Chapter 7 bankruptcy, and may come into play under Chapter 13 bankruptcy as well.

What happens in a Chapter 7 bankruptcy in Florida?

The basic idea in a chapter 7 bankruptcy is to wipe out (discharge) your debts in exchange for your giving up property, except for “exempt” property which the law allows you to keep. (see bankruptcy – Florida exemptions) In most cases, all of your property will be exempt.

What happens in bankruptcy if you own your home outright?

What happens in bankruptcy if you own your home outright relies on determining how much of your property’s equity is exempt from the bankruptcy estate. Now is when it becomes beneficial to have an experienced bankruptcy lawyer advising you.

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