Florida has a very generous homestead exemption for homeowners. It basically allows Florida homeowners to keep all of the equity in their homes when they file bankruptcy. Homeowners can keep up to the value of 160 acres of land and the buildings and improvements on that land if they live outside of a municipality and the value of up to a ½ acre of land and the buildings and improvements on that land if they live in a Florida municipality.
In order to retain possession of the home the homeowner needs to pay off the mortgage debt as directed by the bankruptcy judge.
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