If I file bankruptcy in my property can I keep it? The house is located in the stated FL. Please Help
2007-11-12 05:05:10 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Usually as long as you do not wish to include the house on your bankrupcy...in other words, you CANNOT add it to your action for relief (in the bankrupcy) and still keep it...if you manage to keep it out of your bankrupcy, you STILL have to make your mortgage payments...you cannot be released from mortgage debt and KEEP the property...
2007-11-12 05:15:02 · answer #1 · answered by Toots 6 · 0⤊ 0⤋
Will you also be filing in Florida? If so, you should consult a bankruptcy attorney there.
When you file bankruptcy, you have a couple of options...You can either reaffirm the debt on the real estate and continue to make payments - or two, surrender the real estate, essentially giving it back to the secured creditor.
Every state has different exemption laws. Simply put, exemptions are what you can keep if you file bankruptcy. Florida has fairly generous exemption laws, so if you want to keep your house and make payments, you should be in good shape.
Check out http://www.usa-bankruptcy-guide.com/florida-bankruptcy.html for more info.
2007-11-12 14:09:56 · answer #2 · answered by Dawn H 2 · 0⤊ 0⤋
Bankruptcy procedures only apply to debts declared in the proceedings.
Any debt omitted is not included in the bankruptcy, and is still payable.
However, the debt carriers can sue for any assets owned. The exceptions are homesteads, (and one automobile in some states).
2007-11-12 05:14:50 · answer #3 · answered by ed 7 · 0⤊ 0⤋
You need to talk to your bankruptcy attorney on this. They will know for sure. I know that I see a lot of people that file bankruptcy and keep their mortgage out of it and keep the house.
2007-11-12 05:08:59 · answer #4 · answered by maderlu 4 · 0⤊ 0⤋