Winter Haven, FL asked in Bankruptcy for Florida

Q: I received a personal injury reward of15000. Can I use that to pay down my mortgage and would it be exempt from a 7 banc

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1 Lawyer Answer
James Turner
James Turner
Answered
  • Bankruptcy Lawyer
  • Orlando, FL
  • Licensed in Florida

A: The short answer is "yes." If you were to place the $15,000 in a bank or stock account, it would be included as an asset of bankruptcy. But, paying down your mortgage on your homestead property, you essentially improve your equity in your residence.

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