If you are living in Florida and are concerned about whether your home is protected after you file for bankruptcy, do not be worried. The good news is that even if you are bankrupt, you can still retain your assets like your house, cars, and furniture so that you are still able to live and work after bankruptcy. If you need help from a bankruptcy lawyer, be sure to Press The Restart Button.
What needs to be done?
However, there are things that you need to do in order to retain your house. When you file your petition, you need to list in your Statements of Intentions that you intend to keep your home. When you hire a lawyer they also make sure that the house is protected in bankruptcy schedules. If you try to do these things on your own, you may miss out on important things. The bankruptcy lawyers have your best interests in mind and they make sure that you do not lose your property.
People in general get very scared by the prospect that they can lose their house. However, that never happens. A lawyer will help you understand that Chapter 7 bankruptcy is a no-asset case, which typically means that you don’t have to give away your assets. So, do not be concerned, your lawyer will make sure that nothing happens to your car, retirement savings, social security, or pension.
Protection stay:
The filers are provided with a protection under which it is made sure that there are no collection attempts or foreclosure proceedings against their homes. The proceedings will restart only if the lender successfully demands that it be lifted, allowing time to address past-due mortgage payments.
Exempt and non-exempt property:
You have both exempt and nonexempt property in a consumer bankruptcy. The trustee sells nonexempt property to pay creditors in Chapter 7. The liberal laws of Florida shield infinite home equity from being sold to pay creditors in liquidation bankruptcy.
Final thoughts:
If you have any doubts regarding your particular situation or are in a pickle because of overdue debts, it might be about time that you schedule a consultation with a bankruptcy lawyer in Orlando, Florida. Not only will it save you from a lot of stress, but the lawyer will also make sure your important assets and you are protected.
