Can I surrender my home and or vehicle in a Florida Bankruptcy?
The answer is you can. If you decide to surrender your home and or your vehicle, then you can discharge your personal obligation on those notes. However, if you want to keep the collateral, and you are in a chapter 7, you may have to sign a reaffirmation agreement or just stay current on the payments. In a chapter 13, it is a little bit different.
Although you may surrender the collateral, the lender is entitled to a deficiency claim if there is one. That claim would be lumped in and accounted for in the unsecured debt pool. The lender would be paid out whatever percentage the class is being paid out. If there is equity in the collateral, the lender would not be entitled to a deficiency claim.
These types of actions must be brought within 90 days of the confirmation order (assuming there is one). Failure to file a proof of claim for the deficiency within the 90 days (in most instances) waives the lenders right to a proof of claim.
If you have questions about Florida Divorces or Bankruptcy Law contact a Florida Attorney
Greg Gilbert
Keith Maynard
