Legal Question in Bankruptcy in Florida

housing/vehicles/jewlery

If Ideclare bankruptcy, can I be forced to sell my home? (I am in the 14th year of a 30 year mortgage.) Can I be forced to sell my cars? What about the cars I have purchased for my children but are in my name? Can I be forced to sell any jewlery I own free and clear?


Asked on 10/18/97, 9:10 am

1 Answer from Attorneys
Michael Morris Michael E. Morris, Esq.

Bankruptcy Exemptions

You cannot be forced to sell your home in Florida because of declaring bankruptcy. We have a homestead exemption which will protect most homes. There are certain criteria it has to meet though, but the great majority of people do meet them. You would also have to be current on your payments for the home. As for cars, you are allowed $1000 of equity in a car (that means all the cars in your name). You are also allowed $1000 of equity in all things, including household furniture. If you go over this, the trustee could sell off certain items or ask you to pay the overage to the trustee for the creditors.

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Answered on 10/20/97, 10:09 am


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