Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy and Consumer Protection attorney here to assist you.
Have you and your husband lived in Florida for at least 2 years?
If not where have you lived for the past 2 1/2 years?
yes all his life
now our rental home is in foreclosure so it looks like we will be forced to buy or find another rental property
Thank you for your response.
Since Florida allows one to keep one's residence when filing a Bankruptcy, regardless of what the residence is worth, it would not matter if your husband filed a Bankruptcy before or after cashing in his IRA to buy a house.
so he should cash in his ira to buy a house? is that what I am understanding
If he files a Bankruptcy before cashing in his IRA, the Bankruptcy court would not be able to take his IRA - as IRA's are exempt (protected).
If he (and you) will be living in the house.
In other words, the house will be exempt (protected) if the house is your homestead.
yes so he could buy the house in october and file for bankruptcy in nov?
Yes - if you will be living in the house.
thanks so much!
i will let him know