Homestead Exemptions

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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 for purposes of the Florida Homestead Exemption. An Alien Debtor, or a Debtor illegally within the borders of the United States, and specifically Florida, cannot claim the Homestead Exemption against Read More +

Homestead Exemption in Florida Continued..

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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 Read More +

Homestead Exemption Defined

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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 forced sale under process of any court, and no judgment, decree or execution of a lien thereon, except for the payment of taxes and assessments thereon, obligations contracted for Read More +

Homestead Exemption in Florida

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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 if such property is located outside a municipality in the State of Florida.

Under Florida Statute, Section 319.22(a)1..

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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 may sell the property. A Creditor of either A or B may attach or garnish the property. If property is owned by A and B, with an “and” designation, and Read More +

Although Property Held By Husband and Wife..

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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 Creditors. Section 522(d) of the Bankruptcy Code lists the Federal Exemptions, but each State, under Section 522 of the Bankruptcy Code, can opt-out of the Federal Exemptions and elect to Read More +

Section 541 of the Bankruptcy Code States ..

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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 in property and therefore, part of the debtor’s bankruptcy estate.

If the Husband and Wife Are Jointly Indebted..

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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.

in Florida, Property Held Jointly..

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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 interest in the property; The interest must have originated in the same instrument; The interest must have commenced simultaneously; The parties must have been married at the time they acquired Read More +