When applying for bankruptcy, it is natural to have many questions. Bankruptcy can be a stressful and confusing procedure. Will you lose all your assets? What chapter of bankruptcy should you file under? But one of the most important and provoking questions you might have is: Will I lose my home? That’s where the Homestead Law comes in.
Homestead Law outlines that, during bankruptcy, homesteads are exempt from a creditor’s reach. Each state has varying differences in Homestead Law. In the eyes of Florida, a “homestead” is more than just a single family home but can be a condo or even a mobile home. A homestead, simply put, is the primary place of residence of said person. A person may qualify for homestead law protection by being a permanent Florida resident.
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