Florida Bankruptcy Laws Homeowners Will Love

Florida bankruptcy laws are some of the most liberal in the United States. These laws, while following all federal bankruptcy laws, provide for some excellent protections for homeowners. In fact, as a homeowner, your home may be fully protected under bankruptcy claims. It is important to understand the restrictions on this, and what it means to file bankruptcy in Florida. Working with an attorney can help ensure you have the best level of protection for your home.

Florida Bankruptcy Exemptions

For homeowners in the state of Florida, bankruptcy laws can be incredibly helpful. Specifically, it is important for the homeowner to take into consideration his or her homestead exemption qualifications. If the homeowner meets the following qualifications when filing Chapter 7 bankruptcy, the property may be completely exempt. This means that the property is protected from creditors. It will not be seized by the bankruptcy trustee to pay back creditors.

To meet these requirements, the homeowner must:

• The property must be under ½ acre in the city.
• It must be under 160 acres if outside of city limits.
• In order to obtain these exemptions, the individual must file under Florida bankruptcy laws. This means he or she must be a resident of the state long enough to qualify.  This means the individual must live in the state for the last 730 days, or two years.  If not, the exemptions available to the filer are those of the state he or she lived in for the last 180 days before moving to Florida.

There are restrictions on this. In some cases, the bankruptcy trustee can limit the exemption value based on the individual property's excessive value. In addition to this, it is possible that bankruptcy laws like these will not be in place if the homeowner tries to deceive the court in any way, such as selling nonexempt property and putting the value of that sale towards a mortgage. Those who have been convicted of a felony may not be eligible for this exemption.

Overall, these Florida bankruptcy laws work well for the homeowner. This homestead exemption is one of the best in the country for property owners.

Hiring an Attorney

When filing Chapter 7 bankruptcy, it is always best to work with an attorney. The attorney will help you to determine what property is exempt and help you to protect as much property as is possible under the state's laws. An attorney also ensures the process goes as is required by the bankruptcy courts.