Legal Question in Bankruptcy in Florida
Can you reaffirm an investment home (upside down) in a chapter 7? Or do all assets belong to the court once you file?
Asked on 10/16/09, 7:34 am
1 Answer from Attorneys
Brent Rose
The Orsini & Rose Law Firm
Since the home is upside-down, you should ask the trustee to abandon it. That way you can reaffirm it, if you're sure you want to keep an investment home that is upside-down. (I probably wouldn't keep an upside-down house. I personally don't believe home prices will come back for years and years, but it's your call.)
Answered on 10/20/09, 12:09 pm
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