Florida Asset Protection Question

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Vanguard Fan 1367
Posts: 667
Joined: Wed Feb 08, 2017 3:09 pm

Florida Asset Protection Question

Post by Vanguard Fan 1367 » Mon Jul 31, 2017 7:06 am

Homestead Exemption (Note 3): Unlimited for 160 acres rural or 1/2 acre urban. -- Fla. Stat. Ann. §§ 222.01, 222.02, Fla. Const. Art. X, § 4.



Supposedly the above is the exemption from creditors for Bankruptcy protection in Florida. It says one half acre urban is exempt from creditors in a bankruptcy. Can someone help me with the definition of Rural and Urban in that Florida statute?

Thanks for the time.

Silk McCue
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Joined: Thu Feb 25, 2016 7:11 pm

Re: Florida Asset Protection Question

Post by Silk McCue » Mon Jul 31, 2017 7:50 am

I searched the web and found the following. I hope this helps.

It's actually about whether the homestead is within a municipality or not.

180.01 Definition of term “municipality.”—The term “municipality,” as used in this chapter, shall mean any city, town, or village duly incorporated under the laws of the state.

Great article from an authoritative source.

https://www.alperlaw.com/asset-protecti ... exemption/

"The Florida Constitution defines homestead as one’s principal place of residence up to one-half acre within a municipality and up to 160 contiguous acres outside a municipality. Contiguous property may include lots with separate legal descriptions and separate tax numbers."

Vanguard Fan 1367
Posts: 667
Joined: Wed Feb 08, 2017 3:09 pm

Re: Florida Asset Protection Question

Post by Vanguard Fan 1367 » Mon Jul 31, 2017 8:18 am

Silk McCue wrote:I searched the web and found the following. I hope this helps.

It's actually about whether the homestead is within a municipality or not.

180.01 Definition of term “municipality.”—The term “municipality,” as used in this chapter, shall mean any city, town, or village duly incorporated under the laws of the state.

Great article from an authoritative source.

https://www.alperlaw.com/asset-protecti ... exemption/

"The Florida Constitution defines homestead as one’s principal place of residence up to one-half acre within a municipality and up to 160 contiguous acres outside a municipality. Contiguous property may include lots with separate legal descriptions and separate tax numbers."


Thanks for the help. This reminds me of an old golf tv short: "if you are going to play the game, you have to know the rules."

topspeak
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Joined: Thu Oct 12, 2017 3:56 pm

Re: Florida Asset Protection Question

Post by topspeak » Thu Oct 12, 2017 4:05 pm

The key in Florida is if the property is actually located in an incorporated city or not.

Fla. Stat. Ann. §§ 222.01, 222.02, Fla. Const. Art. X, § 4. says that the homestead protects 1/2 acre in a city and up to 160 acres outside of a city.

The homeatead exemption https://www.assetprotectionplanners.com ... -by-state/ in Florida.

You have to have lived in the property for 40 months before filing bankruptcy.

Vanguard Fan 1367
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Joined: Wed Feb 08, 2017 3:09 pm

Re: Florida Asset Protection Question

Post by Vanguard Fan 1367 » Wed Oct 18, 2017 1:48 pm

topspeak wrote:
Thu Oct 12, 2017 4:05 pm
The key in Florida is if the property is actually located in an incorporated city or not.

Fla. Stat. Ann. §§ 222.01, 222.02, Fla. Const. Art. X, § 4. says that the homestead protects 1/2 acre in a city and up to 160 acres outside of a city.

The homeatead exemption https://www.assetprotectionplanners.com ... -by-state/ in Florida.

You have to have lived in the property for 40 months before filing bankruptcy.
Interesting to know about the 40 months. I know that some Bogleheads like to think about and be prepared for tough times. I didn't know about the 40 months. I also didn't know about the half acre inside a municipality before I bought my current property. I have a house in a small municipality on somewhere between an acre and 1.2 acres and it would be tough to cut off a half to .7 acres if I went bankrupt. I am in great shape today but just wanted to know what might happen in a tough times scenario.

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