Maria, a Florida resident, owns a property located within the city limits of Miami where she lives with her family. She files for bankruptcy due to business debts totaling $500,000. Under Florida's constitutional homestead exemption (Art. X, § 4, Fla. Const.), which statement is correct?
Correct Answer
A) Up to one-half acre of contiguous land plus the residence is protected from forced sale by creditors
Under Article X, Section 4 of the Florida Constitution, the homestead exemption protects up to one-half acre of contiguous land plus the residence when the homestead is located within a municipality. The exemption has no dollar cap on home value and is not extinguished by the size of the underlying debt.
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John owns a homestead property in rural Polk County valued at $850,000 on 180 acres. He owes $200,000 in credit card debt. If 160 acres of his property is protected under Florida's homestead exemption and the remaining 20 acres is worth $15,000 per acre, what is the maximum amount creditors can recover from his real estate?