If I file Chapter 11 and I’m a homeowner and own 2 vehicles, can I lose both my home and my vehicles?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 8 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!


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption