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rAn out of $$$? Let's tAlk about bAnkruptcy...
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·2 min read

Today in SERDNA TALKS, we are going to talk about something serious, so pay close attention.

Although the process of navigating bankruptcy when losing a property in Florida can pose some challenges, there are several steps you can take to successfully come out with a fresh financial start!

As a homeowner in Florida, you have the right to understand your specific rights and protections under Florida's homestead laws. These laws will help you keep your home, in spite of your bankruptcy case, as long as the home's value stays inside certain parameters. It is essential that you know and understand these parameters, and speak with a legal attorney as needed.

In order to determine your options, evaluate whether you have the strength to keep your residence: For example, you may have the ability to sell the house and pay off your debts using the profits, or you may have the ability to work out a payment scheme with your lender to keep the property but make more manageable payments. These options should have your first priority suggested by a lawyer who is an expert in these matters.

If you can't keep your house and can't find a suitable alternative, filing for bankruptcy might be your best option. Filing for bankruptcy provides you with protection from creditors and will give you time to come up with a new financial plan.

Remember that the timing of your bankruptcy filing can influence the outcome of your case. In particular, if you're facing an impending foreclosure, filing for bankruptcy before the sale takes place will hinder it.

Go to professionals for assistance: Losing your home through bankruptcy, struggling with the loss of your property, and struggling with financial problems is a tough ordeal, and you should not have to go through it alone. This includes a bankruptcy attorney and a financial advisor.

In the final analysis, losing a home in Florida during a bankruptcy proceeding can be a difficult and generally stressful process, but with the help of a professional legal specialist as well as financial adviser, it is possible to navigate the process and emerge on the other side with a fresh start. Remember that every individual case is different and unique to itself.

If you have questions, remember to subscribe to SERDNA TALKS and to share our contact information with your friends and family.

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