02-05-2013 06:06 AM
I have a question about home exemption before filing for bankruptcy. I currently rent a home in Florida and have a home paid off in North Carolina. Is there anything wrong with moving to NC just before filing for bankruptcy and claim home exemption for the home in North Carolina, or would that not be accepted by the court?
My understanding is I would file in Florida court because I would need to be in the new state for 180 days before it needs to be filed there. Florida has unlimited home exemption so is it correct that credtitor cannot touch the home. The value is slightly above the North Carolina home exemption value.
02-06-2013 05:33 AM
Check with your BK attorney. Fl has unlimited for your homes equity if the home is a primary residence, not investment property.
I am pretty sure you can't use the unlimilted exemption for property located outside the state that you don't live in, but please check with your attorney.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO