Perhaps I should explain further, as I have one more question. My parents (both work full time) don't want to declare bankruptcy and have tried everything possible to prevent that/clear their debts the past few yrs. We feel there may be no other choice if things keep up. They have been living with my sister and her husband for the last 2 + years and renting out their primary residence to cover their debts). They do own a plot of land (2 acres/$10,000) but do not live there (no house on it). My sister and I are hoping to save enough to set up a modular there in a few yrs as we are not able at this time to pay for/cover their primary residence. Parents have already accepted they will lose their current house in foreclosure eventually. I think in Florida, primary residence may be exempt in bankruptcy? In this case, what would be their primary homestead (since renters are living there)?
Also, would they be able to declare their land as the primary homestead (with only the intent to build on it)?
Just unsure what to do, and want to know what is legally possible in this case. Thank you.
