Legal Question in Bankruptcy in Florida

Sale of exempt residents

In March, 2000 a chapter 11 was filed for a business and personal bankruptcy in Illinois.

The home in Florida was exempted or excluded.

All the assets were sold in the business and the personal bankruptcy was changed to a chapter 7 in March, 2002.

Because of a serious need for cash, the home in Florida was put up for sale and there is an offer.

Question:

Does the net proceeds from the sale of the Home become part of the personal bankruptcy estate? Your immediate reply to this question would be gratefully appreciated.


Asked on 12/12/02, 12:16 pm

1 Answer from Attorneys
Thaddeus Hunt Law Offices of Thaddeus Hunt

Re: Sale of exempt residents

If your bankruptcy was filed in Illinois, the house and proceeds from the sale are property of the estate minus the Illinois homestead exemption. It is inconsequential, if you filed in Illinois, whether the house is located in Florida.

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Answered on 12/12/02, 2:14 pm


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