I understand that in Florida sometimes you get to keep your house in a bankruptcy.
Homestead Exemption (Note 3): Unlimited for 160 acres rural or 1/2 acre urban. -- Fla. Stat. Ann. §§ 222.01, 222.02, Fla. Const. Art. X, § 4.
If this statute is correct about one half acre being exempt if someone has 1.2 acres of Homestead in a Florida town of less than 15 thousand is that someone out of luck because the property is considered Urban?
No one is under seige with this property, I was just curious as to the definitions since I was well aware of folks getting to keep their houses in a bankruptcy in Florida. I just didn't know about the half acre urban restriction.
Here it is int he Florida Constitution
SECTION 4. Homestead; exemptions.—
(a) There shall be exempt from forced sale under process of any court, and no judgment, decree or execution shall be a lien thereon, except for the payment of taxes and assessments thereon, obligations contracted for the purchase, improvement or repair thereof, or obligations contracted for house, field or other labor performed on the realty, the following property owned by a natural person:
(1) a homestead, if located outside a municipality, to the extent of one hundred sixty acres of contiguous land and improvements thereon, which shall not be reduced without the owner’s consent by reason of subsequent inclusion in a municipality; or if located within a municipality, to the extent of one-half acre of contiguous land, upon which the exemption shall be limited to the residence of the owner or the owner’s family;
Former Mini Mart Magnate
I am just here for my amusement.