Most people are aware that in Florida there is homestead exemption available to those filing Bankruptcy. However, in order to exempt your property, you must meet certain strict requirements. If you don’t, the equity in your homestead can only be exempted up to $125,000.000.
Federal bankruptcy law says that you must have “acquired” your home at least 1,215 days prior (that is 3 years and 4 months) to filing Bankruptcy in order to be able to fully exempt your home. If you inherited a home from your parents, acquired means the day you received it by operation of law or in probate court.
Finally, the law does no say the property has been you homestead for 1, 215 days, but that you “acquired it for that long. I recommend that you consult with an experienced attorney to discuss these matters if you find yourself needing to file Bankruptcy.