Legal Question in Bankruptcy in Florida

Re: Chapter 7

In response, yes you can file in your name only if you are married. It is called an individual filing as opposed to a joint one.

The equity in your house is exempt up to a certain limit. I'd have to look that up. I know at least $135,000.00 in equity is exempt. Good luck. If my office can be of any assistance in North Fla., please give us a call. Tom Rosenblum

Re: Chapter 7

Individual filings (married with a non-filing spouse) are still available under the Code. These are common enough. But, possible is only part of the analysis. What really determines whether you SHOULD file solo is the amount of debt that is in both of your names. Too much joint debt will make it useless for you to file individually, because the creditors will simply collect off of your spouse.

As for your home, Homestead Exemption is available so long as the house is a primary residence in Florida and is not larger than 1/2 acre within a city or 160 acres outside a city. Your exemption for your home is unlimited, so long as your purchased your home more than 4 1/3 years ago. If you purchased your home more recently, then you exemption will be capped at $125,000 in EQUITY. Equity is not the market value of your home, it is the amount left after subtracting your mortgage balance from the market value.

You can check out more about Florida exemptions at our website at www.LaBellaLaw.com.