Can Bankruptcy Help Me Keep My Home?

Filing for bankruptcy can be a stressful time in anyone’s life. Not only do you have to sort through mountains of paperwork, but you also have to deal with the fact that you may lose some of your most valued possessions. However, one of the most common things people worry about is whether or not they will lose their home once they file for bankruptcy. 

If you are filing for bankruptcy in Florida, you first need to make sure that you speak to a trusted Florida bankruptcy lawyer, as they will be able to advise you about what assets you will be able to keep and how you can prepare for your bankruptcy filing without the stress. 

Before you file for bankruptcy, take a look at whether or not you will be able to keep your home when you file for bankruptcy in Florida. 

Florida homestead exemptions

According to the constitution of the state of Florida, it provides very generous homestead exemptions. These exemptions can allow most people to remain in their homes when they file for bankruptcy. 

Most Florida bankruptcies result in allowing filers to keep their primary residence. However, there are a few exceptions to this rule, so you must speak to a trusted Miami lawyer if you are worried that your house may not be exempt.

Some requirements for Florida bankruptcy exemptions

There are some requirements that you will need to meet for your home to be exempt from being repossessed once you have filed for bankruptcy. Here are some of the requirements:

  • You will have to prove that you have lived in the state of Florida for at least 730 days before filing for bankruptcy. 
  • If you lived in more than one state for two years before filing, Florida will only allow the exemptions if you lived in Florida for the majority of 180 day period before filing for bankruptcy.

If you don’t meet these requirements, you may be able to use exemptions from other states or federal bankruptcy exemptions. 

Chapter 7 vs. Chapter 13 bankruptcy

These are the two main types of bankruptcy, and both of these may allow you to keep your home. However, there are some differences you need to be aware of. 

To qualify for Chapter 7 bankruptcy, you will first have to complete and pass a means test. This means test will prove that you have a low amount of income and assets. If you do meet the criteria to qualify for Chapter 7 bankruptcy, you will be allowed to keep exempt property. However, any non-exempt creditors will be distributed to your creditors. 

If you don’t qualify for Chapter 7 bankruptcy, you can file for Chapter 13 bankruptcy, and you will get help to create a repayment plan to pay off your creditors. This can help you keep up with your mortgage repayments or modify your mortgage, which should allow you to keep your exempt property.


Filing for bankruptcy can be a stressful process. If you are unsure about whether your house will be exempt, make sure you speak to a trusted bankruptcy lawyer before you file.