Can I lose My Home If I File Bankruptcy ?

One of the most important questions potential client’s have when they come in to see me is whether or not they are going to lose their home if they file for bankruptcy. For purposes of this discussion we are talking about “Primary Residence.” If the potential client is current on their mortgage and there are no “other issues” that may impact their status, typically their home would be exempt if they file for bankruptcy. The “other issues” that may impact their homestead protection will be left for another day’s discussion.

Florida’s Homestead Exemption

Saying that a home is exempt may be a little misleading, as there are situations where a home may be 100% exempt and situations where a home may be exempt up to a certain value. In situations where a person has owned and resided in a home for more than 40 months there is typically an unlimited exemption. In situations where a person has owned the home for less than 40 months there is typically an exemption up to $146,450 (individual) and $292,900 (if jointly owned).

If you are interested in learning more about Florida’s Homestead Exemption in Bankruptcy, here are links to the Florida Constitution and Florida Statutes that control the issue of Homestead Exemptions in Bankruptcy:  Art. 10, § 4(a)(1) of Constitution, Fla. Stat. Ann. §§ 222.01, 222.02 & 222.05.

Are you considering filing for bankruptcy?

If you are considering filing for bankruptcy, it is important that you speak with a bankruptcy attorney who can help you evaluate your potential homestead exemption and issues that may impact your exemption status in bankruptcy. Every bankruptcy case is different, so what has worked for one debtor may not necessarily work for another. If you are in Miami-Dade County or Broward County, Florida, please feel free to contact us to set up a FREE consultation to discuss your specific situation.

This blog post is made available for educational and informational purposes only and to promote a general understanding of the law, and not to provide specific legal advice. Use of this blog does not create an attorney-client relationship. Reading this post is not a substitute for obtaining legal advice based on the unique facts of your situation from an attorney licensed to practice law in your state. No representation is made regarding the current state of the information contained in this post. Examples that may be provided in this post are merely for illustrative purposes; the results in your case may be different and no results are guaranteed.

Get Your Bankruptcy Questions Answered!

Many people go on the internet to do research about bankruptcy before they contact an attorney to discuss their specific situation. They look at page after page of information. Some of the information is good and some of it is not so good. The important thing to remember is that your situation is unique. What is going on in your financial life is not exactly the same as what is going on in someone else’s financial life.

That is why it is important to get personalized information for your specific situation. The best way to do this is to set up a free consultation with a qualified Bankruptcy Attorney. During this Free consultation, you will be asked to provide specific information about your current financial situation. The information requested may seem invasive, but it is very important that you provide as much details as possible so that the Bankruptcy Attorney can fully evaluate your situation. Without specific information, it is impossible to provide a personal solution to your debt situation. The more information you provide the better. The more questions you ask the better. You need to be fully informed about all of your options to deal with your debts and the best way to do that is to meet with a qualified bankruptcy attorney and ask them! Do not be bashful! Remember, it is your bankruptcy attorney’s job to provide you with the necessary information for you to make the best decision possible for you and your family. If they won’t do that or act annoyed because you are asking questions, find another attorney!

If you are in Miami-Dade County or Broward County, feel free to contact me for your FREE Bankruptcy Consultation. I will send you a questionnaire prior to our meeting so that we can get the basic information from you before our face-to-face meeting so that we can focus our time together on developing a strategy to deal with your specific situation. Schedule your FREE Consultation today by calling me at (305) 466-3328 or filing out the contact form to the right of this page.

This blog post is made available for educational and informational purposes only and to promote a general understanding of the law, and not to provide specific legal advice. Use of this blog does not create an attorney-client relationship. Reading this post is not a substitute for obtaining legal advice based on the unique facts of your situation from an attorney licensed to practice law in your state. No representation is made regarding the current state of the information contained in this post. Examples that may be provided in this post are merely for illustrative purposes; the results in your case may be different and no results are guaranteed.