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Kelley & Fulton, P.L. West Palm Beach Bankruptcy Lawyers

Can You Keep Your Home with Bankruptcy?

We live in tough economic times today. After the recent recession took its plunge in 2007 to 2008, our country has been in a state of “rebuilding” and “restoration” since then. Unfortunately, due to the huge wave of market crashes and job loss, unemployment spiked higher than it has in almost a decade. As a result, the number of foreclosures and bankruptcies spiked as well.

Can I keep my home?

The law office of Kelley and Fulton, P.L. specialize in the areas of bankruptcy and foreclosures. We’ve helped many individuals and families with bankruptcy and foreclosures, particularly during times of economic downturn. One question we often received was, “can I keep my home if I file for bankruptcy?” In most cases, the answer here is yes, with the help of a qualified Florida bankruptcy attorney.

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The good news is regardless of whether an individual files for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, Florida law typically allows most homeowners to retain their homes through a specific homestead exemption. Under Florida law, homestead exemption allows debtors who file for bankruptcy to exempt some (or all) of the equity in their homes from bankruptcy proceedings.

Chapter 7 Bankruptcy

So what is the difference between a Chapter 7 bankruptcy and Chapter 13 bankruptcy, and how do these situations tie in to an individual’s home? In a Chapter 7 bankruptcy, the homestead exemption permits individuals and families to exempt the equity in their home from liquidation.

Chapter 13 Bankruptcy

On the other hand, in a Chapter 13 bankruptcy situation, the homestead exemption helps to determine how much money an individual will pay to creditors in his or her repayment plan. A federal homestead exemption often exists in these cases, but in many states, however, including the state of Florida, the exemption often requires debtor s and individuals to use state exemptions when they file for bankruptcy.

What are the criteria?

In order for families and individuals to qualify for the homestead exemption, certain criteria must be met. Those criteria can include acreage in a municipality (meaning the homestead must not be more than 160 acres), meeting Florida residency requirements, and an individual must have owned his or her own home for an allotted amount of time in order to qualify for the exemption, mandated by Florida state law.

Having a qualified and professional Florida attorney that specializes in bankruptcy cases will only increase an individual’s chances of keeping his or her home. The law office of Kelley and Fulton is knowledgeable and experienced in dealing with bankruptcy cases in the state of Florida. Therefore their legal team is positioned to help individuals keep their homes while filing for bankruptcy.

Contact Before Filing for Bankruptcy in Florida

If you are worried about losing your home, or want to know your options about what you can do to file for bankruptcy and keep your home, contact the law office of Kelley and Fulton today at 561-419-9598 or visit us online to request additional information or schedule a free, no-obligation case consultation to see how we can help you. While the legal team at Kelley and Fulton are disheartened by the number of clients that resort to filing for bankruptcy, we are always happy to help in any way we can to help make the process as easy and as smooth for all involved.