Will filing for bankruptcy stop repossession?

Filing for bankruptcy in Florida can stop repossession of your property if you file for Chapter 13 bankruptcy. When an individual files for Chapter 13, they propose a repayment plan to the court. If the court approves the repayment plan, creditors must then stop all collection attempts, including repossession. However, filing for Chapter 7 bankruptcy will not stop repossession. In Chapter 7 bankruptcy, individuals must liquidate assets to pay off their creditors. Creditors can then legally repossess property if the repayment plan does not satisfy the debt. It is important to note that some secured creditors may have priority over other creditors in Chapter 7. These secured creditors may be able to repossess property regardless of the current status of the bankruptcy. If you are considering filing for bankruptcy, you should speak to an experienced Florida bankruptcy attorney for advice. An attorney can help you determine the best course of action to protect your property while paying off your debts.

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Will filing for bankruptcy stop repossession?

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