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Can I keep my home in bankruptcy?

By Florida Law Advisers, P.A. |

Yes, homestead (primary residence) is protected in both Chapter 13 and Chapter 7 bankruptcy. Therefore, you may not have to lose your home as a condition of the bankruptcy. Additionally, you can apply for a mortgage modification or force the bank to give you 5 years to pay the past due amount with Chapter… Read More »

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Can I keep my retirement account in bankruptcy?

By Florida Law Advisers, P.A. |

Yes, retirement accounts are protected in bankruptcy. Regardless if you file Chapter 7 or Chapter 13, retirement accounts are exempt (protected) property. Social security wages are also protected in bankruptcy.

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Will I lose my car in bankruptcy?

By Florida Law Advisers, P.A. |

No, you may be able to keep your car in bankruptcy. Additionally, you may be able to lower the amount you owe on the car loan. In certain situations, you can reduce the car loan down to the current market value of your car. Therefore, if you owe more than what your car is… Read More »

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Will I lose assets in Chapter 13 bankruptcy?

By Florida Law Advisers, P.A. |

No, Chapter 13 is considered a restructuring bankruptcy because the debtor makes payments to their creditors according to a court approved payment plan. On the other hand, Chapter 7 does not involve a payment plan. Instead of making monthly payments, the bankruptcy trustee will liquidate non-exempt assets to pay creditors.

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