The Florida Constitution allows property owners to homestead a continuous 1/2 acre of land with improvements if inside a municipality, or a continuous 160 acres of land and improvements if outside a municipality. Most Florida residents have already filed their primary residence as their homestead because they have that option when they get their property tax bill.
Ownership Time Restrictions
For bankruptcy in Florida, if you acquired a homestead property 1,215 or more days before filing, you may be entitled to keep your homestead property and all the equity associated with that property.
The 2005 amendments to the Bankruptcy Code capped the homestead protections work in Florida if you purchased your homestead house less than 1,215 days before filing bankruptcy. If you purchased a homestead property less than 1,215 days before filing, you still may be eligible to keep up to $125,000 equity in your house if filing single, or $250,000 in your house if filing jointly.
Speak to a Bankruptcy Attorney
There are a few more residency restrictions that you should speak to a bankruptcy attorney about. Usually the first consultation is free.
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