Secure A Debt-Free Future
The key to understanding the place of real estate in bankruptcy is awareness of the Florida homestead exemption specified by Article X, Section 4 of the Florida constitution. According to this law, the home that you own in this state is exempt in bankruptcy, protected from creditors and bankruptcy trustees alike.
The homestead exemption applies to a home of any size, including a mobile home, as long as the land it is on is no bigger than half an acre in a city or 160 acres outside of city limits. Unlimited equity exemption is available to filers of bankruptcy who have lived in Florida for more than 40 months. Equity limits of approximately $137,000 per spouse apply for filers of bankruptcy who have lived in the state for 40 months or less. Though these laws and statutes can be complicated, our Tampa bankruptcy lawyers can help you to determine what course of action is right for you.
If the equity that you have in your home is very low, you may want to question common wisdom that says that a home is your most important investment. Many homeowners have found the opposite to be true: They find that their homes are bottomless money pits and cause non-stop headaches rather than providing pleasure and security.
Contact us today to speak to one of our Tampa bankruptcy attorneys.
Quite a few bankruptcy clients of Debt Relief Legal Group LLC have used the threat of foreclosure to their advantage. They have included their homes and mortgages in their bankruptcies. This has allowed them to live in their homes rent free and mortgage payment free for a year or more while the foreclosure process moves forward. These clients have emerged from their bankruptcies with a truly fresh start: Their consumer debts have been discharged, they have found freedom from their previous upside-down mortgages, and they have enjoyed a new opportunity to put savings in the bank.
Consider all the facts, weigh all your options and make the right moves with regard to your home and your bankruptcy plans.
To speak with a Tampa bankruptcy lawyer about your Florida real estate and bankruptcy, contact the Debt Relief Legal Group at (813) 940-5120 to schedule a free initial consultation.