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Florida Law in Homesteads
In Southern Walls, Inc v. Stilwell Corp, the 5th District Court in Florida, in discussing the Florida Homestead Exemption, stated, “although a castle to one may be a shanty to another, the law does not so discriminate. Thus, regardless of whether one’s castle is a traditional home or a modest cottage, whether it is a…
Homestead Exemptions Further Explained..
The Judge in Public Health v Lopez, when discussing the Florida Homestead Exemption, as a protection against Creditors, stated that the purpose of the Homestead Exemption is to promote the stability and welfare of the state by securing to the householder a home, so that the homeowner may live beyond the reach of financial misfortune.
Homestead Exemptions
In order for a Debtor to claim the benefit of the Florida Homestead Exemption, against a Creditor, he must be a Resident of the State of Florida. In re Bermudez, a 1992 South District Court decision held that a Debtor who has a permanent visa or green card can qualify as a Resident of Florida…
Homestead Exemption in Florida Continued..
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…
Homestead Exemption Defined
The Constitution of the State of Florida has a Homestead Exemption for Asset protection or protection of that Asset from Creditors, other than your Mortgage, which is Secured by the Homestead. Please read our other Blogs on the Florida Homestead Exemption. Article X, Section 4(a) of the Florida Constitution states: There shall be exempt from…
Homestead Exemption in Florida
After forty months, if a property in the State of Florida qualifies as a Debtor’s Homestead or qualifies for the Homestead Exemption pursuant to Florida Law, then the property may have an unlimited fair market value, provided such property does not exceed one-half acre within a municipality in the State of Florida and 160 acres…
Under Florida Statute, Section 319.22(a)1..
Under Florida Statute, Section 319.22(a)1, a motor vehicle or mobile home owned by two or more persons with an “or” designation is considered to be owned in Joint Tenancy or a Tenancy by Commons. If property is owned in Joint Tenancy, then each person has ownership over all of the property. Either A or B…
Although property held by husband and wife..
Although property held by husband and wife as Tenants by the Entirety is considered part of the bankruptcy estate, if a debtor files Bankruptcy, Section 522 of the Bankruptcy Code allows the Debtor to claim certain Exemptions. If an Asset is Exempt, then it is exempt or protected from seizure by the Bankruptcy Trustee or…
Section 541 of the Bankruptcy Code states ..
Section 541 of the Bankruptcy Code states that the Debtor’s Estate includes all legal and equitable interests of the Debtor as of the commencement of the case. Commencement of the case means the filing of the Bankruptcy. Most Courts hold that property held in Tenancy by the Entireties is either a legal or equitable interest…
If the husband and wife are jointly indebted..
Under Florida Law, although property owned by husband and wife in Tenancy by the Entireties, is exempt from attachment or garnishment by one of the spouse’s creditors, if the husband and wife are jointly indebted to a Creditor, that Creditor may attach or garnish such property.
The Florida Supreme Court has held..
The Florida Supreme Court has held that any property jointly owned by husband and wife is presumed to be held in Tenancy by the Entireties.
In Florida, property held jointly..
In Florida, property held jointly by a Husband and Wife, is recognized as being held in Tenancy by the Entireties, provided several “unities” are satisfied. In order for property owned by a husband and wife to be recognized as being held in Tenancy by the Entireties, there must be: Joint ownership and control; Identical…