Florida Homestead

[iamfreeru2]

I need to clarify something regarding a homestead in Florida. The 40 month rule only applies if you have not lived in your home for that length of time before declaring your homestead. Also a ruling in Arizona Bankruptcy court said that in states that opt out of the federal rules do not have to meet the 40 month rule. Also states like Florida and Arizona may not have the $125,000 limitation either and would still enjoy the unlimited exemption. This also would remove any fears of being forced into involuntary bankruptcy so that creditors could liquidate assets and seize property. If the bankruptcy courts continue to opt out this is good news for Floridians as well as any other state like ours. The Florida legislature has chosen to opt out of the federal rules in the past thus protecting it's citizens.

[suijuris]

Didn't OJ Simpson get a mansion in Florida prior to filing bankruptcy?

That would make sense then.

[iamfreeru2]

Originally Posted by suijuris

Didn't OJ Simpson get a mansion in Florida prior to filing bankruptcy?

That would make sense then.

A $10,000,000.00 home in Jupiter, Florida so I am told. I do not think the judgment rendered against OJ was very effective when it came time to collect. He's no dummy. It is like I have said in my situation with Discover Bank and anyone else that may want to take me to court and try getting a judgment. First they have to prove their claim. If a judge sides with Discover or anyone else good luck in collecting. The Homestead is based on the Florida Constitution. There are some things about Florida I love. This is one reason I live here. LOL

[MADDOG]

Iamfreeru2 wrote:

I need to clarify something regarding a homestead in Florida. The 40 month rule only applies if you have not lived in your home for that length of time before declaring your homestead.

Ah HAH! I didn't know that. I was relieved to learn about the 40 month rule because we've been in our Florida house and homesteaded for over 5 years now, but I'm glad to know that it isn't too late to file for homestead exemption as long as you've lived in the house for over 40 months.

I was told that one can "roll over" their Florida homestead exemption into another home in Florida and still remain protected. Is that what you've learned also, Iamfree? I hope so. It would make sense, because presumably the Florida legislators are trying to exclude people who suddenly move to Florida to escape losing their home to creditors. OJ got in under the wire back in the 1990's! LOL.

Actually, it appears that Florida legislators gave up some ground to the new BK law by letting it apply only to recently relocated residents of Florida, but continued to protect those of us living here longer than 40 months.

We invested all our extra money into upgrading our homestead - including installing a big back-up generator and automatic transfer switch to provide power in case of another week-long power outage after a hurricane (like last summer!). We have 800 gallons of LP gas in a big propane tank to power the back-up generator. It has worked 3 times since we installed it a couple of months ago. One power outage lasted for over two hours about a week ago. It's reassuring to see the generator chime right in and provide us with power. Last summer was miserable without electricity for a whole week... and it happened TWICE! Once after Hurricane Francis, and another whole week after Hurricane Jeanne! UGH!

I will never again run up a credit card. If we can defeat these CC companies and protect our assets, this will be the end of it. I am disgusted with the whole dishonest situation - banks lending out newly created money and then expecting to take all of our savings, years of our labor, and our real estate equity in order to get it paid off. This has been a real eye-opener.

[iamfreeru2]

I did make a mistake in my statement. You DO NOT have to be living in your home for 40 months. You must have lived in Florida for 40 months. You could have rented as long as you have lived here for that period of time. Just wanted to make that correction.

Originally Posted by MADDOG

I was told that one can "roll over" their Florida homestead exemption into another home in Florida and still remain protected.

Don't know the answer to that, but I will find out. I would imagine if you have lived here as long as you have though that should not be a problem as long as the new home becomes your primary domicile.