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Ellen
Ellen, Attorney
Category: Bankruptcy Law
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in florida, are the proceeds of a refinance of a homestead

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in florida, are the proceeds of a refinance of a homestead protected under the homestead exemption. We refinanced and have 10,000 cash, can we keep that in ch 7 bankruptcy perhaps if we put the money back into the home?

Hello,


Thank you for your question. I am happy to assist you.


There is no case law that I have found exactly on point since the new bankruptcy laws took effect. However, you may have a strong argument in your favor.


In Florida, when a debtor voluntarily sells a homestead property, the proceeds of the property are protected as homestead providing that the debtor intends to reinvest in a new homestead. Following this line of thinking, you appear to have a strong argument that the money you received from the refinance is still exempt and therefor you can put the money back into the home.


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER


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