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Reload this Page Florida Homestead on 1-1/2 acres

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Old 09-03-2007, 03:11 PM
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Join Date: Sep 2007
Posts: 2

Florida Homestead on 1-1/2 acres

I live in Florida and have been here a while so I meet all the new resident requirements. My debt to income ratio EASILY meets the guidelines that allow me to file for Chapter 7 (thanks to the fast acting Small Business Association). I also have limited equity and my wife and I work together from home so there are no issues that I know of except one.

Florida allows up to 1/2 acre within city limits. My house is on 1.5 acres but the lot is not divisible. I have a deep (not wide) lot with a lake in the back yard. There's no room for an easement along side of the house, so they couldn't build another home behind me. Also about 1/2 of the backyard is classified as wetlands and during a rainy season more than 1 acre may be wet leaving me with less than 1/2 usable acres.

Does anyone have any experience in this area and know of any precedence?
Thanks in advance for any advice.
  #2  
Old 09-04-2007, 07:30 AM
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Join Date: May 2001
Posts: 6,453
Sounds like they lot would have no value and would likely be abandoned by the trustee.
Speak with a couple of bk lawyers and get all of your options explained.
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