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VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
Experience:  Chapter 7 & 13
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I live in Florida and received a notice of Summary Judgement

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I live in Florida and received a Notice of Hearing for a Summary Judgement for a Foreclosure filing from an atty representing WaMu which is now JP Morgan Chase. It states the atty representing Wamu will do so via telephone on Oct,27th 2008. I am currently un-employed and collecting EUC Emergency UnEmployment Compensation and looking for a job. What options do I do to save my home. I have owned it since 1997 and have plenty of equity but horrible credit. Perhaps a Listing Forbearance ? Bankruptcy chapter 7 or 13 ? If Bankruptcy how long will that protect me having Homestead in Florida ? Thanx
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  VanDLaw replied 8 years ago.



In order to stop the foreclosure proceeding a person can file bankruptcy, either Chapter 7 or Chapter 13. However, in order to keep your home in a Chapter 7 you "reaffirm" the debt, but you can only reaffirm the debt if you are current on your payments. To file a chapter 13, you must have enough disposable income at the end of each month to show that you can make the confirmed plan and monthly payments. You do not have to be current in the payments, they get rolled into the plan, but you do have to be employed.


It seems you are caught in the middle somewhere. If you were able to get employment, the Chapter 13 would help you.


You have unlimited homestead protection in Florida, because you have owned your home long enough, so your equity would be protected if you did file either Chapter of bankruptcy.

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