If you live in the State of Florida and you own property, you may be able to claim that property as Exempt as your Homestead. Our prior Blogs discussed the requirements to establish the Homestead Exemption.
In turn, a Creditor or a Bankruptcy Trustee can potentially seek to oppose your assertion of the Homestead Exemption to your property.
The Creditor’s checklist includes:
- Is the property located in the State of Florida?
- Is the Debtor residing or his family residing, in the property?
- If the property is located outside of a municipality, does the property contain more than 160 contiguous acres?
- If the property is located inside of a municipality, does the property comprise more than one-half acre?
- If the property owner has more than one-half acre of land, does he exceed the acreage limitation because of a subsequent change to a municipality, and did the owner consent to waiving his right to claim the Homestead Exemption?
- Did the property owner purchase the Homestead though funds that were fraudulently obtained?
- Is the property contiguous, or separate parcels of land?
- Is the person claiming the Homestead Exemption a Resident of the State of Florida?
- Does the person claiming the Homestead Exemption not only have Residence in the State of Florida BUT have actual intent to permanently Reside in the State of Florida?