Will You Lose Your Car or Home in a Bankruptcy?
It’s never an easy decision to file for bankruptcy. For a number of people however, the major concern is whether or not they will be able to keep the items that are most valuable to them, generally their car and their home.
In South Florida, a car is practically a necessity, and not having one means potentially going deeper into debt in order to make it to work every day. A home is priceless, and trying to find the money for a deposit or down payment on a new place is practically impossible, especially in the middle of a bankruptcy.
What you can and cannot keep will depend heavily on whether you file for Chapter 7 or Chapter 13 bankruptcy, the latter option typically allows for a greater number of exemptions. A Chapter 7 bankruptcy may also allow you to keep your car and your home, but this will depend on several factors.A bankruptcy attorney will be able to explain to you what you can expect.
This information is provided by The Santos Law Offices, PA. Our areas of practice include immigration, bankruptcy, insurance litigation, debt harassment, credit card defense, foreclosure defense, student loan relief, and more. Call 305-417-4111 for a free consultation with our attorney.
*For information only, not legal advice