Archive for April 19th, 2005

Can't Hide in Florida Anymore!

Tuesday, April 19th, 2005

A major overhaul of the nation’s bankruptcy laws will wipe out a long-standing Florida exemption that protects homes from being sold to pay off debts faster than a surfer can fall off his board on Coco beach. The legislation, which was passed by Congress last Thursday, is considered the biggest rewrite of the bankruptcy code in a quarter-century. President Bush can’t wait to sign the bill into law. The new law will obviously make Florida less appealing to wealthy debtors seeking to dodge creditors by buying big mansions. Florida is one of five states with an unlimited “homestead exemption” that had allowed residents who declare bankruptcy to keep their homes, no matter how much they owe. The new cap on homestead protection in Florida will be $125,000. The new limitation on the homestead exemption means creditors could seize every dollar above the $125,000 threshold should a debtor be forced to sell. Las Vegas luxury real estate looks better and better all the time. MS Las Vegas Real Estate is a serious player in the market for Las Vegas luxury homes. Give us a call at 888-349-2595.