Demystifying the Bankruptcy Process-Part 1
Many clients and prospective clients contact us and ask common questions based on advice from their relatives or a “friend of a friend.” These blog entries will dispel common myths and educate you on the general process of bankruptcy in Florida.
QUESTION: Will I lose my Home if I file Bankruptcy in Florida?
There are two types of consumer bankruptcy: Chapter 7 (Liquidation) and Chapter 13 (Reorganization for Wage Earners). One of the benefits of consumer bankruptcy is that it allows extraordinary relief that cannot be accomplished outside of bankruptcy.
Chapter 7 Bankruptcy
First, Florida allows an unlimited exemption for your homestead property which allows you to protect from creditor (and Bankruptcy Trustee) claims.