I live in Florida where a homestead is exempt, but I will not be able to afford my home once I file bankruptcy and lose my business.
Florida says you can sell your home and put the equity in a separate account to be used exclusively to purchase another homestead, and the new home will still be exempt from bankruptcy.
So after I file bk, I want to sell my home, take the $40k equity (hopefully) and I was thinking of sinking it into a vintage triplex I own in NY, about $28k to reduce the principal and refi the mortgage (if anyone will give me a loan!
) and $12k to separate the utilities amongst the apartments so I won't have to keep paying the bills and the darn place will cash flow.
Say I file bk in Jan or Feb, then I don't know how long it will take me to sell my house. Then I have to wait until August 09 til one of the apartments opens up in the triplex and I can move in and establish New York residency and homestead. Does this seem ok? Do I keep in touch with the bk court as this all progresses?
Also, how can I get the lender to refi the NY property when I'm going bankrupt or just went bankrupt, even if I have cash from the sale of my FL residence to put into it?
Any help would be appreciated.
Thanks a lot.
Florida says you can sell your home and put the equity in a separate account to be used exclusively to purchase another homestead, and the new home will still be exempt from bankruptcy.
So after I file bk, I want to sell my home, take the $40k equity (hopefully) and I was thinking of sinking it into a vintage triplex I own in NY, about $28k to reduce the principal and refi the mortgage (if anyone will give me a loan!
) and $12k to separate the utilities amongst the apartments so I won't have to keep paying the bills and the darn place will cash flow. Say I file bk in Jan or Feb, then I don't know how long it will take me to sell my house. Then I have to wait until August 09 til one of the apartments opens up in the triplex and I can move in and establish New York residency and homestead. Does this seem ok? Do I keep in touch with the bk court as this all progresses?
Also, how can I get the lender to refi the NY property when I'm going bankrupt or just went bankrupt, even if I have cash from the sale of my FL residence to put into it?
Any help would be appreciated.
Thanks a lot.