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Eric L. Bolves, Esq. |
What Happens To My House And My Car.Usually nothing. Your house is protected by Homestead in Florida. That means that as long as you keep up on your mortgage payments, nothing will happen to your house. If your house is paid off, you have nothing to worry about. If you're behind on your mortgage, bankruptcy will prevent foreclosure and give you the chance to get caught up. With the rare exception of a construction lien or home equity loan, your home is very well protected in Florida. Its similar with cars. Even though there is no special protection for cars in Florida, if your car is worth less than what you owe on it, its realy not an asset and as long as you keep up the payments, its safe. If your car is paid off, in a Chapter 7, arrangements can be made to "buy back" the car from the Court Appointed Bankruptcy Trustee. In a Chapter 13, the value of your car is not important. It's very rare for someone to lose their house or car in a Bankruptcy. Return To Main MenuOffice Consultation Area
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