Homestead Protection For Commercial Property With Upstairs Apartment

The issue is whether you can exempt as homestead a commercial building with a second-floor apartment used as your primary residence.

You can only exempt part of the commercial property. When a debtor resides in a building used for residential and commercial purposes, the creditor force the sale of the entire property. The court must apportion the net proceeds between the homestead and non-homestead portion rather than declare the building to be entirely homestead or entirely non-homestead.

Jon Alper

About the Author

I’m a nationally recognized attorney specializing in asset protection planning. I graduated with honors from the University of Florida Law School and have practiced law for almost 50 years.

I have been recognized as a legal expert by media outlets such as the New York Times and the Wall Street Journal. I have helped thousands of clients protect their assets from creditors.