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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Related Topics & Key Terms
Key Terms:
Related Concepts
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
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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?