I am looking to file bankruptcy. I am unemployed. The only asset I have is my condo that is paid off and that I live in (my homestead). I pa...

Question

I am looking to file bankruptcy. I am unemployed. The only asset I have is my condo that is paid off and that I live in (my homestead). I paid $50,000 for it in April of this year with savings that I had in the bank. I also have a car that I am still making payments on. Will the purchase of my condo be an issue in a bankruptcy?

Thank you in advance.

Answer

Hello,

From what you describe, it is likely that the $50,000 investment in your homesteaded property will not be something that the bankruptcy court can undo. However, one would need more information from you to make a final determination. Our office handles a lot of bankruptcy filings in Broward County. We offer a free initial consultatation and would be happy to speak with you about your situation.