Legal Question in Bankruptcy in Florida

Can I keep my home and file Chapter 7?

We owe 83K in credit card debt, a mortage bal of 90K on a home valued at 150K. A loan bal of 10K on a 25K vehicle. We own another vehilce worth about 5K. We have had a MAJOR income reduction. If we file Chp7 will we lose our home or vehicle?


Asked on 4/19/08, 5:49 pm

1 Answer from Attorneys
Matthew Z. Martell Law Office of Matthew Z. Martell, P.A.

Re: Can I keep my home and file Chapter 7?

Yes, you will not be able to keep either car or the home if you file a Chapter 7 Bankruptcy unless you reaffirm both car loans and the mortgage. However, that kind of defeats the purpose of filing the bankruptcy in the first place. I recommend filing a Chapter 13 bankruptcy instead. That way you can keep the home and both cars. You need to speak to a local bankruptcy attorney for further information and guidance.

Read more
Answered on 4/19/08, 9:13 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Florida