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  1. #1

    Default Bankruptcy in Florida

    My question involves bankruptcy in the state of: Florida

    I will be retiring soon and will not be able to afford my mortgage and my credit cards. I also would like to move to New York to be near family. Just a few years ago my home was worth about $250,000 - it is now worth about $110,000. My mortgage is $98,000 and my home equity loan is $90,000. If I go into Chapter 7 bankruptcy what am I responsible for.

    Thanks to much.

  2. #2
    Join Date
    Sep 2010
    Posts
    478

    Default Re: Bankruptcy in Florida

    So long as you do not reaffirm either mortgage both will be discharged in the Chapter 7. The liens will survive and, eventually, the property will be foreclosed. The only exposure you have to future liability as it relates to the real estate is if you have an HOA. If you have an HOA you must pay the fees and assessments that fall due from the moment you file bk until such time as you either transfer the title to the property or the property is foreclosed.

    Des.

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