Legal Question in Bankruptcy in Florida

Re: Rental Property

The only real estate that is exempt in Florida is the Debtor's homestead. You must list all property that you own together with all income that you receive. You should have an attorney helping you with this filing.

Re: Rental Property

All assets must be scheduled in your petition. You should have an atty represent you in your bkc proceeding. If you are in south Florida, call me at 305.940.8080.

Re: Rental Property

The only real estate that is exempt in Florida is homestead property. Since you do not reside in the property it is not homestead. Furthermore, you must list all assets on your schedules. The rental property has a market value that you would list along with the mortgage lien. If you owe more than it is worth, then you can most likely keep it under the bankruptcy rules. There is no equity in it. The administrator of your estate when you file bankruptcy is called a trustee. The trustee makes a determination of the values of the assets you list. If the rental property is worth more than the lien, then you have equity in it. Depending on the amount, you can negotiate with the trustee to "buy back" the equity in the property or surrender the property. The tenants can remain in there. It all comes down to the values of your assets, the exempt status of your assets and so on. I hope I have given you some assistance. Best of luck.