Tampa Bankruptcy Attorneys Answer the Question of What Will Happen to Your Home & Car After a Bankruptcy
If you're like many Americans and are facing rising debt, late payments, and other serious financial problems, you may be considering bankruptcy as an option. And, like many people considering this solution, you may be wondering what will happen to two of your most prized possessions – your home and your car – if you file for bankruptcy. While a common belief is that your home and car will be seized during a bankruptcy, Tampa bankruptcy attorneys will tell you this isn't necessarily the case.
In fact, in most cases you'll be able to keep your home and car during a Chapter 7 bankruptcy, as long as your equity in these items is fully exempt. And, in a Chapter 13 bankruptcy, you'll likely be able to maintain possession of this property as long as you continue to pay its non-exempt value to your creditors. However, Tampa bankruptcy attorneys will also warn you that certain creditors may have a "security interest" in your home, vehicle, or other property if you gave that creditor a mortgage on the home or put up other property as collateral for the debt. Bankruptcy won't make those security interests go away, and if you don't make your payments, the creditor may be able to take and sell your home or property at some point during bankruptcy proceedings.
However, Tampa bankruptcy attorneys will tell you that there are ways to keep collateral or mortgaged property after a bankruptcy, typically as long as you agree to keep making your payments until the debt is paid off. If you're considering bankruptcy and would like more detailed information on what this will mean in regards to your home, car, and personal property, contact Yesner & Boss, P.L. today. We're the trusted Tampa bankruptcy attorneys and offer free consultations to get to know you and your situation, and to answer any questions you might have. |
