Legal Question in Bankruptcy in Florida

If I have the only one property (Florida condo apartment in the community over 55), and I just became a primary resident of Florida last month (although I bought this apartment one year ago, but could not live there because of the serious injuries i got in the car accident and I was needed to live with my relatives outside of Florida to get their care ). Recently ( one month ago) I went to Florida and to register as a primary resident of FLORIDA. Now I am thinking about filing a buncrupcy chapter 7. My questions are:

1) How long should I wait from the day of becoming a primary resident of Florida until I have right to file a buncrupcy in Florida to make sure that my apartment will stay with me with NO LIENS or OTHER PROBLEMS? SIX MONTHS?

2) During that time (while I am waiting to file a buncrupcy ) is it realistic to think that my the only place to live - this condo apartment - may be a subject for liens ( I own around $ 40 K to few different banks : credit cards, but I cannot pay my debts due to losing my ability to work after the car accident).

3) If your answer to the question 2 is " no", then tell me please the following: will your answer be the same for my beneficiary after my death ( I mean: will my beneficiary get my apartment without paying my debts if there are no liens while I am still alive)?

Thank you!


Asked on 12/14/11, 2:21 pm

1 Answer from Attorneys
Steven Meyer CPLS, P.A.

Hello,

I'm sorry to hear about your situation. Our office handles bankruptcy cases in Palm Beach County.

In order to file for bankruptcy in Florida, you have to be a resident of Florida for at least six months. In order to establish residency, you should get a driver's license or other State-issued identification.

You should also obtain the homestead exemption on your condo. In order to do this, you have to first establish your residency at that condo (by obtaining a driver's license or other State-issued identification proving that you live there), and then you have to fill out some forms for the county property appraiser's office requesting the homestead exemption. This will not only reduce the property taxes on your condo, but it will also give you protection from certain creditors so that they cannot ask the court to order that your condo be sold to pay off debts.

If liens attach to your condo, then the liens must be paid if the condo is transferred to anyone else, whether during your lifetime or after you pass away. However, depending on the form of ownership of your condominium, then there may be no need to transfer the property at all; it may just happen automatically if you own the property jointly with another person.

We would be happy to discuss the situation with you. We offer a free initial consultation.

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Answered on 12/26/11, 10:53 am


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