If you own a home fully paid off and a car fully paid off, and you run up the credit card bills and run up medical bills, can you just file for bankruptcy and be able to keep the home and car? Can you keep a vacation home that is fully paid off if you file for bankruptcy? If you have cash in a safe, can you keep it if you file for bankruptcy? If you own a home in a foreign country, can you keep it if you file for bankruptcy in the U.S.?
no [/i] Can you keep a vacation home that is fully paid off if you file for bankruptcy?[/QUOTE] no [/i] If you have cash in a safe, can you keep it if you file for bankruptcy?[/QUOTE] yes [/i] If you own a home in a foreign country, can you keep it if you file for bankruptcy in the U.S.? [/QUOTE] yes
no [/i] If you have cash in a safe, can you keep it if you file for bankruptcy?[/QUOTE] yes [/i] If you own a home in a foreign country, can you keep it if you file for bankruptcy in the U.S.? [/QUOTE] yes [/QUOTE] According to krazykarl, he stated that many states protect your primary residence from bankruptcy. What is the correct answer?
I believe Florida has an unlimited primary residence exemption from bankrupty. OJ Simpson moved to Florida and bought a big home before he lost the civil suit to the Goldman family. I think Fred Goldman has been trying to collect, but can't touch OJ's Florida home. I guess a case can now be made since OJ no longer lives in Florida since he is in prison in Nevada?
Florida is a homestead state. So long as you pay your mortgage they can't take your house in bk. I've known several people who were advised by lawyers to take all the cash advances they could on CC's and such and pay that money towards the house before filing for bk. Even lawsuits can't touch your house. Florida also has a cap on re taxes, so your taxes cannot go up more than 3% a yr. It's a great place to buy a house. Thats one reason wealthy folks dont mind paying millions in cash for houses here. It's safer than money in the bank so long as your not buying at the peak of an alltime bubble of course.