Florida | Bankruptcy
Legal Question
I need to file bankruptcy to erase my past and begin new; I am also facing a foreclosure; how do I save my house? Chapter 7 or 13. Ideally chapter 7; but will they take my house?
I need to file bankruptcy to erase my past and begin new; I am also facing a foreclosure; how do I save my house? Chapter 7 or 13. Ideally chapter 7; but will they take my house?
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Read More Answered By: Stephen Berlinsky |
If you are not current on your mortgage, a Chapter 7 filing will not save your home. In Chapter 13 you have the opportunity to bring the first mortgage current over a five year term. In the event there are two mortgages and the home is worth less than the first mortgage balance, in chapter 13 you can strip the lien of the 2nd mortgage from the home. |
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