Is MH a protected asset in Florida?
Is MH a protected asset in Florida?
If you own a MH outright with no liens, but not the land it is sitting on (you're leasing the pad in a MH park), is the MH considered 'homestead' under Florida law and therefore exampted from creditors?
Re: Is MH a protected asset in Florida?
Check with a bankruptcy attorney...I think so...
Re: Is MH a protected asset in Florida?
I'm afraid not in Brevard County. To qualify for homestead, one must OWN the land too. I do suggest that you contact your tax assessor in your community and I know he will have the answer for you.
Re: Is MH a protected asset in Florida?
Hi Sharon,
I've specialized in bankruptcy law for 20 years as a paralegal and can tell you that yes, your home is exempt from creditors under a Ch. 13, with exceptions. The federal homestead exemption is $16,150 (double that if you are married & both own the home.) If your home is worth, say $20,000, the Trustee will most likely not go after the $3,750 (balance after exemption), because the cost to recover that amount thru sale of your home would not be cost effective -- in another words it would cost the Trustee more to recover the $3,750 than it would be worth and it would probably have little effect on the amount owed to your creditors. If you filed Ch. 13, designed to save your home from foreclosure, then you are repaying your creditors under a court-mandated plan. If you filed Ch. 7, you have not saved your home from your creditors.
You need to check your state's homestead exemptions also. If the state of Florida uses state exemptions other than federal, the dollar amount may vary.
Have you actually filed bankruptcy or are you considering it? If you have not filed, seek counsel from a qualified bankruptcy attorney who will probably offer a free initial consultation. If you have filed using an attorney, get advice from him. If you filed pro se, you can still get useful legal advice thru your local legal aid office.
Good luck. I'm not an attorney & cannot give legal advice. But if you have any questions, you can email me at [email protected]
Elizabeth
I've specialized in bankruptcy law for 20 years as a paralegal and can tell you that yes, your home is exempt from creditors under a Ch. 13, with exceptions. The federal homestead exemption is $16,150 (double that if you are married & both own the home.) If your home is worth, say $20,000, the Trustee will most likely not go after the $3,750 (balance after exemption), because the cost to recover that amount thru sale of your home would not be cost effective -- in another words it would cost the Trustee more to recover the $3,750 than it would be worth and it would probably have little effect on the amount owed to your creditors. If you filed Ch. 13, designed to save your home from foreclosure, then you are repaying your creditors under a court-mandated plan. If you filed Ch. 7, you have not saved your home from your creditors.
You need to check your state's homestead exemptions also. If the state of Florida uses state exemptions other than federal, the dollar amount may vary.
Have you actually filed bankruptcy or are you considering it? If you have not filed, seek counsel from a qualified bankruptcy attorney who will probably offer a free initial consultation. If you have filed using an attorney, get advice from him. If you filed pro se, you can still get useful legal advice thru your local legal aid office.
Good luck. I'm not an attorney & cannot give legal advice. But if you have any questions, you can email me at [email protected]
Elizabeth
Re: Is MH a protected asset in Florida?
Actually there is NO limit on the exempt value of a home in Florida...This is one of the reasons Congress is trying to change to laws...
Very rich folks by Million dollar homes...live there 6 months and file...protecting their home...
Very rich folks by Million dollar homes...live there 6 months and file...protecting their home...
Re: Is MH a protected asset in Florida?
Frequently your local or State Bar Association will print informational brochures on common topics like this, and the FAQ's that exist re that topic.
To see if FL Bar has, give their main number a call, and you can learn where to get one of the free brochures. It'll provide you LOTS of info.
To see if FL Bar has, give their main number a call, and you can learn where to get one of the free brochures. It'll provide you LOTS of info.
Very @!#$!
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