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14. Does The New Bankruptcy Law Change The Homestead Protection On My Home?

Generally, the homestead law in Florida protects homeowners from having their homes being sold by creditors to pay off their debt. Prior to BAPCPA going into effect there was an unlimited amount of protection under Florida law. Under the new law, a debtor who has an unlimited homestead exemption under Florida state law loses that exemption in bankruptcy unless the debtor has lived in Florida for more than two (2) years (730 days). Between 730 and 1215 days, the Florida homestead exemption is limited to $136,875.00. If the period is greater than 1215 days the debtor receives the benefit of the unlimited Florida homestead exemption.

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