I googled Florida Bankruptcy Exemptions and checked several sites. All I saw concerning this is that there is no limit on the homestead property. No wording on the specifics related to ch 7 or 13 rules. I did see that you must own the property for over 1000 days to protect all equity, otherwise it will only protect about 145k. I was added through quit claim deed less than a year ago. Didn't see any wording on investment properties. Additionally the wording is complex to my undersdtanding.
Please reread my question in light of the new information I have provided and provide me with an asnwer as specific as possible. Also, keep in mind that there will be many creditors, not only one as initially implied.
Florida's exemptions are good for the primary residence as long as you meet the time requirements, which by what you have stated you do not since it was quit claimed to you less then a year ago. Also the homestead exemption on the rental property can not be used if you plan on using it on your primary residence, it is limited to one property, the one which is your primary residence. I have reviewed Florida's other exemptions and there appears to be none that would protect the rental property if you are protecting the personal residence. So at this time chapter 7 bankruptcy might not be a good option for you if you can not protect all of your equity.
Chapter 13 could be an option to pay the debt in full over a period of 5 years depending on how much you have an how much income you have.
My wife and I are contemplating divorce. For 2012 we filed income taxes as married filing separately and this year will be the same. By years end I will be living separated from her and divorce may happen sooner or later depending on her immigration status (she applied for green card through me and got the temporary one already). By the time i file, options are: 1-we are still married but separated, 2- divorced and separated. In either case, under normal circumstances I would have negotiated our separation/divorce settlement to keep as much equity as possible and fair under my name in her condo (200k value). But due to the BK and to the fact that I strongly want Ch7, which I know I would have qualified if the condo equity was not a factor, I ask you the following: in light of the above, shall I qu
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Since I will move back to my home that has 10k equity, it seems to me that if I quit claim deed the property back to her, it will be the only way to prevent creditors from placing lien on that one. Please confirm or comment if alternatives
That would work if it was part of a divorce settlement agreement as long as it is not seen as a way to avoid creditors by hiding assets. It can always get dicy if a debtor starts transfering assets back and forth just prior to filing bankruptcy. Here is a good article on the subject.
I have to step away for a little while but I will check back in later if you have additional questions on this topic.
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