13 Jun Can I Declare Bankruptcy and Keep my House? Homestead Property Protection under Florida Law
Can I Declare Bankruptcy and Keep my House?
In general, yes. Homestead property, under Florida Law, is exempt from forced sale under process of any court under the Florida Constitution, Art. X, § 4 (2012). In order to determine if the property is exempt from a forced sale by your creditors, you must first, of course, determine whether or not it qualifies as “homestead property” under Florida law.
Under Florida law, a debtor’s real property (land) is deemed “homestead property” if it consists of not more than 160 acres of land and improvements thereupon and it is not located within the corporate limits of a municipality when the homestead status attached. If the debtor’s real property is within the corporate limits of a municipality when the homestead status attaches, it consists of no more than one-half acre of land, and it is the residence of the owner or the owner’s family is located upon it, it will be deemed homestead property under Florida law.
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Beware, however, that some creditors can still force the sale of a homestead to collect debts owed to them. Those exceptions are provided for creditors such as the State of Florida, certain “secured” lenders, and a few others. Contact a Miami Bankruptcy Attorney at the Law Offices of Jeffrey Alan Aenlle, PA to find out more. You can reach us at 786.309.8588.