Homeowners considering filing for bankruptcy often wonder whether doing so means they will lose their home, and whether Chapter 7 liquidation or Chapter 13 reorganization is the better option. Most homeowners can keep their homes if they wish, and the situation is even better for Floridians than for most others.<\/p>\n
Those filing Chapter 7 bankruptcy must liquidate any non-exempt assets to pay their creditors. This means that if you have equity in your home, your trustee may sell it to pay down your debts. State and federal guidelines exempt certain amounts of home equity from this process. In Florida, however, there is no limit to how much equity is exempt for most homes. Therefore, while most Americans with a good deal of home equity are well advised to file Chapter 13 instead of Chapter 7, that does not necessarily apply to Floridians.<\/p>\n
Other situations make Chapter 13 a better prospect than Chapter 7 (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Homeowners considering filing for bankruptcy often wonder whether doing so means they will lose their home, and whether Chapter 7 liquidation or Chapter 13 reorganization is the better option. Most homeowners can keep their homes if they wish, and the…<\/span><\/p>\n