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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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My husband and I just got a house my mom purchased for us,

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My husband and I just got a house my mom purchased for us, because financially we could not afford to buy it ourselves. She paid cash for it and gifted it to us (because we just bought it the house is not homesteaded). We are still in a financial situation and thinking about turning in my car, because I owe so much on it and it is on it's last leg we are 6,000 upside on it when we tried to trade it in. Plus our credit isn't the best. I have tons of debt that I walked away from and my husband has a house with his ex wife that went into foreclosure. Here is my question, can anyone take our home or lien our home and what is the best way to protect our home from creditors (especially if I have to turn my car in or if the bank tries to come after my husband for the foreclosure on his old home)? By the way I think we would pass the means test, because my husband only makes 38,000 and I make less then $10,000 per year at this time. We do have a small business in our name, but that is included in the $10,000.




In FL, if the home is your primary residence it cannot be attached by any lien and cannot be foreclosed under the FL homestead law,


In terms of protection of assets, consider taking items out of your name or creating an LLC and put your assets and property into that name, so creditors cannot go after them, as they are not in your personal name


Under the Florida exemption system, homeowners may exempt an unlimited amount of value in their home or other property covered by the homestead exemption. However, the property cannot be larger than half an acre in a municipality or 160 acres elsewhere.


So a chapter 7 bankruptcy could help as well by discharging all debts you have,

Customer: replied 3 years ago.

So no one can lien our property for debt we own in Florida if we do not file bankruptcy?


And if we are an LLC for our business no one can take our business as well?

yes, as Florida gives primary residences 100% protection, and LLC is a corporation and those assets cannot be attached for personal liabilities.
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