bankruptcy information florida
Bankruptcy and foreclosure?
Ok I am asking this on behalf of someone else so i dont know much much about this. She owns a house(South Florida) which has lost about abput 40,000$ in value. She is looking to foreclose and then file for bankruptcy due to some laws made apparent by lawyers she will be able to get her house reappraised to the current value and can begin to pay for the house again without loosing it. But she is also going to win a lawsuit against a local company making around 20000$ as a re compensation. Here is were the questions comes in place. She was told that if she wins she must handover that amount of money which was won over to to the debtors and bank as payment leaving her no gain is this True? please give me a resource and if to little information was given do ask for more. also Provide details. Thank you!
I think it’s all true. I filed Chapter 13 in May 2007. I was told that as long as I didn’t have more than $10k in home equity, I could keep the house (& keep paying the mortgage of course).
They also asked about cash on hand and vechiles. They can make you liquidate to pay your debt. So if she has $20,000 in cash, more than likely she’ll have to fork it over.
