Manatee, FL asked in Bankruptcy for Florida

Q: I owe $50,000 on my property, valued at $160,000, $30,000 in credit card debt. Could I lose my home in bankruptcy?

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3 Lawyer Answers
Robert Jason De Groot
Robert Jason De Groot
Answered
  • Bankruptcy Lawyer
  • Deltona, FL
  • Licensed in Florida

A: You will eventually lose the home if you do not pay the mortgage. In bankruptcy it does not matter how much equity you have in the home. The homestead is exempt from the claims of creditors in Florida.

Radha Rothrock
Radha Rothrock
Answered
  • Naples, FL
  • Licensed in Florida

A: You will lose the home if you do not pay the mortgage. If you continue to pay the mortgage on the $50,000, you can claim the $110,000 of equity as exempt property in your bankruptcy and discharge the $30,000 in credit card debt provided you meet all the other qualifications for bankruptcy.

Andrew Bresalier
Andrew Bresalier
Answered
  • Plantation, FL
  • Licensed in Florida

A: If you do a Chapter 13 you maybe able to do a Cram Down and reduce your mortgage and get rid of the Credit Cards.

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