"Florida Homestead Exemption"
In general terms, a homestead for purposes of a Florida bankruptcy case is the primary residence of the debtor.
16 states allow the election of either state statutory allowances for homestead values, or the federal exemption
provided by 11 U.S.C. 522 which limits homestead values to $16,500 in equity under current amendments.
| 11 U.S.C. §522 provides, in part, "(d) The following property may be exempted under
subsection (b)(1) of this section: (1) The debtor's aggregate interest, not to exceed $15,000 in value, in
real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a
cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a
burial plot for the debtor or a dependent of the debtor." |
The Florida Bankruptcy Court for the Southern District issued Administrative Order No. 04-6
on March 31, 2004. This order pertains to proposed amendments to local rules. In particular, this order requires
an en banc hearing (all judges present) to consider public comments. anyone who wishes to have personal comments
considered by the court must submit proposals in writing. Anyone wishing to address the court must file a
request for appearance. The Florida Bankruptcy Court for the Middle District amended Local Rule 5005-1 on
September 15, 2003. This amendment states” The Court shall permit documents and papers to be filed, signed, or
verified by electronic means that are consistent with technical standards, if any, that the Judicial Conference
of the United States establishes.” Soon, all courts will require electronic submission.
Back to Florida Bankruptcy words & phrases.
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