In the golden years of life, one hopes that laughter and calm fills the day-to-day existence. Unfortunately, for some, those calm moments are few and far between. Gray bankruptcy is an unfortunate reality, fueled by everything from a rising cost of living and stagnant income levels to medical costs.
Many struggling seniors worry about the stigma or what they could lose. Notably, there is the fear of losing one’s home. A home that has so much sentimental value feels irreplaceable. Luckily Florida law has generous exemptions for those seniors who have long residents of in the sunshine state.
Florida law allows for generous exemption
Homestead exemption is basically what determines whether or not creditors will come for your house. And in Florida, those who have been residents for at least 40 months will find that the homestead exemption is unlimited. So no more home worries, right? Well, there is a caveat to this! Property cannot be larger than a half-acre. Without meeting this 40-month requirement, the federal cap still sits at $160,375. If a housing situation involves other variables, then the situation could prove to be more complex, but as a bottom line, those are the rules.
Bankruptcy often brings with it a lot of mixed emotions and it’s common to feel several at once. Many seniors see the stigma of bankruptcy and get worried. In reality, it can be a manageable experience, if challenging at times. While ruling varies by state, the generous exemption in Florida helps tremendously. To learn more about how to maximize benefits in a trying time reach out to a qualified legal professional.