Florida Homestead Exemption

Pursuant to Article X, Section 4 (a) of the Florida Constitution, 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 your actual residence or the residence of your family and may not generally include any portion used for commercial purposes.

A "homestead" pursuant to this definition is similar to, but not exactly the same as the definition of a "homestead" as applied for county property tax purposes or for the limitations on inheritances. The maximum dollar value of a "homestead" is unlimited , unless an exception applies, including the limitations provided by the bankruptcy code. The bankruptcy code's limitations on the Florida Constituion's homestead provisions is due to the "Supremacy Clause" of the U.S. Constitution. One bankruptcy code exception applies 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).
Pursuant to the bankruptcy code, 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)
(305) 891-4055 - Jordan E. Bublick is a Miami Bankruptcy Lawyer with over 25 years of experience in filing Chapter 13 and Chapter 7 Bankrkuptcy Cases.