If I file Chapter 11 and I’m a homeowner and own 2 vehicles, can I lose both my home and my vehicles?
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If I file Chapter 11 and I’m a homeowner and own 2 vehicles, can I lose both my home and my vehicles?
I am 2 months behind in my mortgage.
Asked on October 7, 2013 under Bankruptcy Law, Florida
Answers:
Terence Fenelon / Law Offices of Terence Fenelon
Answered 10 years ago | Contributor
First of all, I assume that you are referring to a chapter 13 as opposed to a chapter 11. Chapter 11 relief is typically avaiable to corporate entiritis. They are very expensive, complicated and could not be filed on your own. The filing fee alone is in excess of $1,000.00.
That having been said, a chapter 13 is a reorganisation of debt for a family (individual) with regular income.
The questions you raise are not cabale of being answered by the facts given. The property which may betained in a case depends upon the value of the property sought to be retained, as well as the exemption statutes which exist in your state. You may be able to "cure" the deficiency in your mortgage payments in a chapter 13.
I would strongly advise you to seek experienced counsel in filing as they can be difficult to manage without bankruptcy expertise. Many times you can even pay your legal fees in the plan. Good Luck!
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