Keeping Your Car or Home When Filing Bankruptcy
People may be reluctant to file Chapter 7 bankruptcy because they believe they will lose everything. Fortunately, Florida allows people filing bankruptcy to keep a generous amount of personal property. At the Miami law firm, Ferrer Shane, PL, our attorneys provide answers to the common question, " What can I keep?"
Most people understand that filing bankruptcy means they have to give up luxury items such as plasma TVs or expensive clothing. They are usually more worried about their houses and cars. It is important to speak with a lawyer for specific advice about this matter, as each case is different. However, some basic information follows.
Questions About Keeping Your House
- Is it worth trying to save my home? If your mortgage owed is more than your home is worth, it may be better to let the house go.
- What happens if I am not current with my payments? If you are not current with your mortgage payments, the lender can begin foreclosure proceedings against you to recover the property. If you are current, you may be able to keep your house.
- How much time do I have to come up with the money if I am behind in my house payments? In some cases, you have very little time. In others, you may be able to work something out with the lender.
- Do I have any other options? If you wish to keep your home, and cannot under Chapter 7, you may be able to do so under Chapter 13. A bankruptcy lawyer can advise you.
Questions About Keeping Your Car
- Is my car exempt property? You may be able to keep your car if you have less than $1000 in equity. For example, if the car is worth $5000 and you have a car loan of $4500, you have $500 in equity and may be able to save your car.
Learn About Saving Your Home and Car After Filing Bankruptcy
Contact a South Florida lawyer about saving your home or car. Call Ferrer Shane, PL, at 305-262-2728.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
