Legal Question in Bankruptcy in Florida
Primary Homestead
I have one more question.
My parents (both working full time) may be facing bankruptcy quite soon (They definitely don't want to and have tried everything possible to prevent that the past few years). They have been living with my sister and her husband for the last 2 + years and renting out their primary residence since unable to cover the mortgage. They do have a plot of land they own, but do not live there (no house on it). My sister and I are hoping to eventually save enough to set up modular home on that land in a few years as we are not able at this time to pay for her current house. They have already accepted they will lose their current house in foreclosure eventually. I think in Florida, primary residence is exempt in bankruptcy? In this case, what would be their primary homestead? Also, Would they be able to declare their land as the primary homestead with the intent to build on it? We are just unsure what to do, and want to know what is legally possible in this case. Thank You.
1 Answer from Attorneys
Re: Primary Homestead
They have to live on the property for it to qualify as homestead. You should seek the advice of a qualified bankruptcy attorney, many offer free initial consultations.
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