Florida | Bankruptcy
Legal Question
What property can i keep?
I bought a home a year ago and am also financing a car. If I file for bankruptcy, do I keep my home and the car?
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Legal Answer
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Read More Answered By: Scott R. Jay |
Re: What property can i keep? Under the current law, your homestead as defined under the Florida Constitution and applicable Florida law is exempt from creditors under the current federal law except for any creditor you have expressly authorized to have a right to claim against such as your mortgage company. Changes to the existing federal laws have been in the works for several years and appear to be on the horizon. The new laws would limit the amount of equity you may have in your homestead before being required to make it available for creditor's claims.
You may also have up to $1,000.00 in equity in your personal vehicle. If the vehicle is jointly titled, only your interest is in question. Proof of the value of the vehicle may be required by the court in order to determine the equity you have in the car/vehicle.
I strongly suggest that you consult a bankruptcy attorney with all of your legal questions so that you may obtain an answer to your specific questions based on your circumstances.
Scott R. Jay, Esq., 305-249-8000
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