Florida Homestead Exemption

(305) 891-4055 - 25 Years of Experience,  Over 8,000 Cases Filed - Free Initial Consultation - 1221 Brickell Ave., Miami, Florida - Chapter 13 and 7 Bankruptcy - Miami Bankruptcy Lawyer - www.bublicklaw.com

A Florida "homestead" may generally be kept by you as "exempt" from the bankruptcy estate. The maximum size of the land is limited to 1/2 acres if located within a municipality and 160 acres if located outside a municipality. A homestead is generally limited to the actual residence and may not include any portion used for commercial purposes. 
The maximum dollar value of a "homestead" is unlimited , unless an exception applies. One exception is that if you have acquired you interest in your homestead during the 1215 days prior to the filing of the bankruptcy case, you are limited to $155,675.00 in acquired value. 11 USC Section 522 (p).
The homestead is also reduced to the extent that the value is attributable to certain property that was disposed of during the 10 year period prior to filing with the intent to hinder, delay or defraud a creditor.  11 USC Section 522 (o)
The homestead also may be limited to $155,675.00 in value under certain circumstances if the debtor was convicted of certain felonies, if the debtor owes a debt arising from the violation of certain securities laws or certain title 18 civil remedies or certain criminal or other acts that caused serious physical injury or death to another during the prior 5 year period. 522 (q)
Of course, during and after the bankruptcy case you will need to keep making your mortgage payments, property taxes, etc. if you desire to keep your property.Jordan E. Bublick is a Miami Personal Bankruptcy Lawyer with over 25 years of experience in filing chapter 13 and chapter 7 bankruptcies. Miami Personal Bankruptcy Lawyer Jordan E. Bublick has filed over 8,000 chapter 13 and chapter 7 cases.