Can I Keep My House and Car in a Bankruptcy?
Orlando Lawyer Helping You Keep Property After Bankruptcy in Florida
As an Orlando bankruptcy attorney, I know one of my clients’ main concerns when filing bankruptcy is being able to keep their house and car. Fortunately, Florida has a very nice homestead exemption that will allow you to keep your house so long as you can make the mortgage payment.
Can’t make the mortgage payment? In that case, maybe filing Chapter 13 is the answer. Filing Chapter 13 bankruptcy in Orlando means you could qualify for a mortgage modification. If your loan cannot be modified, you can still benefit from filing Chapter 13 because you will have up to 5 years to repay the mortgage payments you have missed.
It is also possible to hold on to your vehicle in either a Chapter 7 or Chapter 13. Whether applying the available exemptions towards a car you own outright, or advising you to just stay current with your vehicle payment, as an Orlando bankruptcy lawyer, I can help you keep your car if that is what you want to do.
I look forward to explaining to you exactly how I can help you keep your house and vehicle when filing bankruptcy. 407-898-8225
Keeping Your House…
Many people find that Chapter 13 Bankruptcy is the best way to save their house when struggling with debt. This is true for several reasons:
Filing Chapter 13 reorganizes your debt into a three to five year repayment plan. This gives my clients an opportunity to pay arrearages on their mortgage and continue making current monthly payments, allowing them to avoid foreclosure and keep their home.
- Recently, the Chapter 13 Trustee in Orlando has proposed a home loan modification program within Chapter 13 Bankruptcy in an attempt to get more home loans modified. This program holds the creditors responsible for being reasonable with debtors in modifying mortgages and negotiating a payment plan.
- Filing Chapter 13 can also allow you to eliminate the balance you owe on a second mortgage.
Keeping Your Car…
Filing bankruptcy is also a good way to avoid repossession of a vehicle or other property. In Chapter 13, you may be able to considerably lower the interest rate on your car loan or pay only the value of the vehicle and eliminate any negative equity you have in your car.
In Chapter 7, you may be able to redeem your car and wipe out negative equity that way.
As you can see, there are several ways that I, as your Orlando bankruptcy lawyer, can not only help you keep your house and vehicle through bankruptcy, but also SAVE MONEY on your house and car loans by filing bankruptcy.
When you are ready to find out exactly how I can hep you in your case, please Contact Me. 407-898-8225