Will I Lose Everying I Own If I File For Bankruptcy?

A. Most people who file for bankruptcy do not lose everything. There are exemptions in Florida that protect certain kinds of property. In rare situations where you have more property than can be protected under the available exemptions, you can file a Chapter 13 Bankruptcy, in which a plan can typically be developed to let you keep this property by paying back more to your unsecured creditors.

It should be noted, that filing bankruptcy does not generally wipe out mortgages or liens against your property. If you want to keep your car, home, or business equipment that may serve as collateral for a loan, you need to keep paying on that debt. If you make these payments and have exemptions that cover any value above what you owe, then you can rest assured that you will be able to keep these items.

Return to Frequently Asked Questions

If you have any questions that were not answered here, please contact us  for a free consultation.