Legal Question in Bankruptcy in Florida
In florida if someone files for chapter 23 bankruptcy, and after sells their primary home with $40K equity. Can they use the $40k to purchase another home or does it go to the creditors?
Asked on 11/29/17, 12:07 pm
1 Answer from Attorneys
Levi Wilkes
Levi Lawrence Wilkes, Attorney-at-Law, PLLC
I believe you're referring to Chapter 13 BK. The answer to your question will depend on the nature of the property and whether you exempted it in your schedules. A Florida "Homestead" exemption is quite large but not unlimited. Therefore, you'd want to know if the whole home/property would be considered homestead. But this also makes me wonder why you didn't file for a chapter 7? My suggestion is that you see an experienced BK attorney. Hope this helps.
Answered on 12/13/17, 10:43 am
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