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If I file bankruptcy can I keep my car?
In most cases, the answer is yes. If you are making payments on a vehicle you can keep the vehicle and continue making payments as long as the payments are current when you file bankruptcy. If you own a car free and clear, you can protect at least $1,000.00 of the vehicle’s value. Contact us today for a free case Evaluation.

If I file bankruptcy can I keep my house?
In most cases, the answer is yes. If you are making payments on a mortgage you can keep the home and continue making payments as long as the payments are current when you file bankruptcy. If you own a home free and clear you can protect 100% of the value of your home, as long as it is your homestead residence. Contact us today for a free case Evaluation.

What is a reaffirmation agreement?
A reaffirmation agreement is an agreement that you may enter into with a creditor where you agree to repay a loan after bankruptcy. Many people will reaffirm a car or a mortgage in their bankruptcy, this allows them to keep the property and continue making payments as if they never filed bankruptcy. Sometimes after filing bankruptcy you are able to change the terms of an original agreement, such as negotiating a lower interest rate. This would be done through a reaffirmation agreement.

What is a short sale?
A short sale is a real estate sale where the sales price is not enough to payoff the mortgage on the property. The price is “short” of what is needed to pay off all liens on the property. If you are “underwater” on your mortgage this can be a good solution to get rid of the property. Short sales can be a relatively complex process, the more liens a property has (HOA, Taxes, 2nd Mortgage) the more difficult it can be to complete a short sale. If you are interested in a short sale or other foreclosure alternatives contact us today.

What is Bankruptcy?
Bankruptcy is legal process in which a debtor seeks an order of relief from the bankruptcy court. In Layman’s’ terms when someone files bankruptcy, they are asking the court for legal protection from their creditors. This legal protection could be a discharge of debts they are unable to pay or it could be additional time to repay a secured debt. Debtors who pass the means test or do not have a regular source of income are eligible for a discharge under chapter 7 of the bankruptcy code. A discharge is a federal court order that prevents creditors from attempting to collect on a debt. Individuals and Corporations can both file chapter 7 bankruptcy, however only individual debtors can receive a discharge. The most significant issues that arise in chapter 7 bankruptcy cases are the loss of property and the possibility of the court denying your discharge. Very few debtors are denied a discharge by the bankruptcy court.

What is a discharge?
A discharge is typically entered toward the end of a bankruptcy case and is an order signed by a Federal Judge. This order states that the person who filed bankruptcy no longer has any obligation to pay certain debts that were included in the bankruptcy.

What kind of debt is dischargeable?
Almost all debts are dischargeable. Student loans, most taxes, and Domestic Support Obligations cannot be discharged. As a general rule all other kinds of debts are dischargeable.


Law Office of David C. Meltzer, PLLC

12276 San Jose Blvd, Ste 205
Jacksonville FL 32223
Phone: 904-500-DEBT (3328)

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