Will I lose my property if I file for bankruptcy?

Filing for bankruptcy in Florida does not necessarily mean that all of your property will be lost. There are several forms of bankruptcy where a person can keep a portion of their property. These forms of bankruptcy include Chapter 7 and Chapter 13, both of which are available in the state of Florida. In a Chapter 7 bankruptcy, some forms of property, such as a primary residence or a car, are exempt from the bankruptcy proceedings and you can keep them. Any non-exempt property, such as jewelry or other items of value, may be sold in order to pay off creditors. In a Chapter 13 bankruptcy, you will be able to keep most of your property, but you will be required to pay back certain debts. The bankruptcy court will determine which debts will be paid and at what rate. You will also be required to create a payment plan and follow it for the duration of your bankruptcy. Overall, filing for bankruptcy in Florida does not necessarily mean you will lose all of your property. Depending on the type of bankruptcy you file, you may be able to keep a portion of your property and pay off others. Talk to a legal representative to determine which type of bankruptcy is best for your situation.

Related FAQs

What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?
What types of debt can be discharged through bankruptcy?
What is the 341 meeting of creditors?
What documents will I need to file for bankruptcy?
How do I know if I am eligible for Chapter 7 or Chapter 13 bankruptcy?
How do I convert my bankruptcy case from a Chapter 7 to a Chapter 13?
Does filing for bankruptcy stop foreclosure proceedings?
Does bankruptcy eliminate liens?
How do I know if I qualify for a repayment plan?
How do I change my name after filing for bankruptcy?

Will I lose my property if I file for bankruptcy?

Related FAQs

Related Blog Posts