Florida Foreclosure Defense Lawyers Blog

Yes. When you file bankruptcy, you have the option to keep or surrender secured collateral, including real property. So you can decide, with the help of your Jacksonville bankruptcy attorney, for each property that you own what would be in your financial best interest: to surrender the property to the creditor or to retain the property and continue payments. But be mindful that in Florida, you can only take one homestead exemption in bankruptcy.

If you are behind on your payments, this can be cured. You can pay the arrearages that you owe through your Chapter 13 Plan. Talk with a bankruptcy attorney today to decide if keeping both a homestead and rental property would be in your financial best interest.

Under a chapter 7 bankruptcy, you can keep your home by reaffirming the debt. This means that you will, through a Statement of Intention, tell the creditor that you wish to keep the property and will continue to be liable for the loan.

If you are behind in payments, however, you will probably want to file a chapter 13 bankruptcy. This will allow you to keep your home and pay the arrearages that you owe through your chapter 13 Plan. This Plan will be anywhere from 3-5 years in length and will allow you to catch up on all the monies owed to keep your house. You can put all your creditors in the Plan, including liens by homeowner's associations, second mortgages, tax debt, etc. You can even, through the Plan, catch up on arrearages for your vehicle.

If you are thinking of filing bankruptcy and you want to learn more about how to keep your home, contact a Jacksonville attorney today for a free consultation.

In these tough economic times, this is a common question clients ask their Jacksonville Bankruptcy Lawyer . In Florida, a Chapter 13 Bankruptcy can help a debtor keep their home or car if they are behind in their payments. In a Florida Chapter 13 Bankruptcy , the debtor repays the arrearages that they owe through a chapter 13 Plan that can span 3-5 years. This helps the debtor cure their default amount and save their home.

Also, when a debtor files a Chapter 13 Bankruptcy, an automatic stay is put into place that prohibits creditors from trying to collect from the debtor. The automatic stay will stop the foreclosure proceedings. If the debtor fulfills the chapter 13 Plan, the home loan will be brought current.

If you have a second mortgage and the home is worth less than the primary mortgage, a Chapter 13 Bankruptcy will strip the second or third mortgages and you will own nothing on these loans.

This is great news for those behind on their mortgage payments! Speak with a Jacksonville Bankruptcy Lawyer now to discuss how to save your home.