#JacksonvilleLegalAdvice

[jaxdebtrelief]

Bankruptcy and Your Home in Jacksonville, FL: What You Need to Know

Filing for bankruptcy can be worrisome when it comes to your home. Will you lose your house in the process? Here’s what Jacksonville residents need to know about keeping your property when filing Chapter 7 or Chapter 13.

In Chapter 7 bankruptcy, you can exempt up to $160,375 in home equity under Florida law. So if you owe less than your exempt equity amount, you can usually keep the house. Any non-exempt equity may have to be repaid to creditors.

With Chapter 13, you can keep your home if you get caught up on missed mortgage payments through your repayment plan. The trustee will ensure your ongoing monthly mortgage payment is made on time.

Your best option depends on factors like how much equity you have and your income. Meet with an experienced Jacksonville bankruptcy attorney at Higginbotham Law Firm for trusted advice on keeping your home protected. We’ll thoroughly explain exemption limits, lien avoidance options, cramdown provisions and more. You’ll also get clarity on next steps once your bankruptcy discharge is finalized.

Don’t risk losing your home unnecessarily. With strategic bankruptcy counseling, many homeowners can keep their property and get a fresh financial start. Call us today to discuss your situation. We’re here to help find the best path forward.