Legal Question in Bankruptcy in Florida
Can I keep my home in Backruptcy?
As a result of divorce I will be saddled with overwhelming credit card debt. I will have some proceeds from the sale of my home which I understand I can put into a new house and cannot be taken from me in bankruptcy. In order to reduce the mortgage to a level I can afford my father wants to give me 25000 to apply to the downpayment on the house. If I file for bankruptcy after I purchase the house, can I keep it? How will bankruptcy affect his gift to me?
2 Answers from Attorneys
Re: Can I keep my home in Backruptcy?
Your homestead would be exempt. Please feel free to contact my office for more information. (954)966-4140 Sincerely, Melody Stickel-Martinez, Esq.
Re: Can I keep my home in Backruptcy?
Your home is exempt as homestead property. The gift from your father will not be affected. If it was a loan, then it would be subject to discharge. Too keep the home you would be obliged to pay the mortgage and taxes. You may call me at 305-940-8080
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