Florida Surprise

To stop individuals who are on the verge of filing for bankruptcy from moving their wealth to states with laws that might better help them keep their assets, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the 2005 Bankruptcy Act) created two holding period requirements. To qualify for a state's homestead exemption with property worth more than $125,000, an individual must own

To stop individuals who are on the verge of filing for bankruptcy from moving their wealth to states with laws that might better help them keep their assets, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the 2005 Bankruptcy Act) created two holding period requirements. To qualify for a state's homestead exemption with property worth more than $125,000, an individual must own that property for 1,215 days before filing for bankruptcy. There is also a residency requirement

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