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John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4631
Experience:  Over 14 years experience in Medicaid, Estates, Trust.
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I have a condo in fl. my only asset is a roth ira approx $8000

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I have a condo in fl. my only asset is a roth ira approx $8000 and a payed for 8 year old car.I am trying to get the bank to take back the condo. If the won't do deed in lieu then I will have to go through foreclosure I owe about $35,000 asessed value $24,000. I have a Serious health problems resulted in my being placed on perminent disability.My only income is 1410/mo. I have a homestead exemtion on the condo if that makes a difference. Can they take my roth ira or car?
Welcome! Thank you for your question.

Sorry to hear about your situation. It is hard to imagine that they will not accept a deed in lieu of foreclosure in your situation. All of the assets and income you described are exempt under Florida bankruptcy laws.

You can exempt up to $1,000 in motor vehicle equity. Further, Roth IRA’s are exempt up to $1,171,650. (11 U.S.C. Section 522(b)(3)(C)(n).

Your social security income is exempt under Florida statute 222.201.

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