Can I keep my home and car if I file bankruptcy?
In general, if you are current on your mortgage payment at the time of filing a bankruptcy a
debtor typically can keep a primary residence in Florida due to the Florida homestead exemption permitted under state law. However, if you are not current and are facing foreclosure the issue becomes more complicated. Please see the previous question and answer on this issues.
Many people filing for bankruptcy are obviously concerned about keeping their vehicles. In Florida, it is often possible to keep the vehicle in bankruptcy but the issue is determined by looking at the specifics of each case. If the car is free and clear, meaning no liens and is paid in full, it is often more difficult to keep a car but it may be possible by properly applying the bankruptcy property exemptions to protect that asset. Typically, many car owners owe more than their car is worth or lease vehicles. If this is the case it is often much easier to protect the vehicle. Please consult a West Palm Beach bankruptcy
attorney about the specifics of a bankruptcy case and the bankruptcy exemptions for vehicles.