Legal Question in Bankruptcy in Florida

Re: bankruptcy FL

It depends on whether you are intending this mobile home to be your Homestead. If this is investment property, then it would be subject to administration/liquidation regardless of when you buy it. If you intend this mobile home to be your primary residence and you claim homestead on your bankruptcy schedules, then it really doesn't make any difference when you buy it so long as your equity in both the home and land does not exceed $125,000. If your equity will be greater than that, then you can either file now and payback the excess over $125,000 or you would have to wait about 4 1/3 years to get the unlimited exemption (1,215 days).

For more information about exemptions, check out our website at www.LaBellaLaw.com.