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Can I keep my house if I file for bankruptcy in Florida?

| Mar 29, 2021 | Chapter 7 Bankruptcy

Deciding to file for bankruptcy is one of the most difficult decisions you may have to make. Many people struggle with the idea of giving up their most prized possessions, particularly the family home. However, there is good news. You may be able to keep your home if you file for Chapter 7 bankruptcy in the state of Florida.

Qualifying for the homestead bankruptcy exemption

Under Florida’s bankruptcy homestead exemption, you are allowed to exempt an unlimited amount of equity in your house. In other words, you can protect your home’s total value from creditors. In order to qualify for this exemption, you typically must meet the following criteria:

  • You are a permanent Florida resident and have been a resident for at least 730 days prior to the date of filing.
  • The property in question is your primary home.
  • You have owned the property for at least 1,215 days before the date of filing.
  • Your property meets lot size restrictions (1/2 acre within municipality, 160 acres elsewhere)

Florida’s homestead exemption is one of the most generous exemptions in the United States. If you file for the homestead bankruptcy exemption, and there are no objections, your home will not be considered part of the bankruptcy estate.

Filing for Chapter 7 bankruptcy can be challenging without the guidance of an experienced attorney. An attorney can help determine whether the homestead exemption or any other exemption applies to you and help you maintain possession of as many of your assets as possible.

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