There are countless myths and rumors about bankruptcy, each more capable than the next of deterring deserving individuals from considering bankruptcy as a valuable debt-relief option. One of the worst is the idea that an individual will lose his or her home if bankruptcy is filed.
This is not true. There are bankruptcy options which can be used as very effective foreclosure defenses.
Our state also offers one of the most charitable homestead exemption, regardless of the type of bankruptcy you choose to file. If you file for Chapter 7, the homestead exemption allows you to protect the entirety of the equity you have built up. With your equity protected, your home is protected. In
Chapter 13 bankruptcy cases, the homestead exemption allows you to keep your home and property, as well as all of its equity.
The only qualifications which must be met to claim the homestead exemption are:
- The home and property you plan to claim must be your primary residence
- You must have owned the home for at least 40 months prior to filing
- The property must not exceed 1/2 an acre if it is in a municipality and no more than 160 acres if is it located outside of a municipality
Individuals who have owned their home for less than 40 months, can still claim up to $146,500 worth of equity. In most cases, this will be sufficient to protect an individual's home and prevent it from being foreclosed upon or sold at auction.
If you are a Boca Raton homeowner who is considering bankruptcy, we recommend you waste no time in hiring Attorney Alan J. Fisher to provide you with legal representation. For more than two decades, our firm has been providing counsel and assistance to those individuals who have found themselves unable to keep up with their financial obligations.
We have helped many clients avoid foreclosure and save the equity in their homes, even when filing for bankruptcy protection. What brought you to the brink of bankruptcy does not matter as much as the fact that you are here and you want to take action to improve your current financial situation. Our firm is here to help.
Contact a Boca Raton bankruptcy attorney from our firm now to find out how Florida's homestead exemption could protect your home in bankruptcy.