First, it is important to note that many people are able to keep their house and their car(s) while still obtaining the benefits of bankruptcy. However, many people worry that if they file bankruptcy that they will never be able to buy another house or finance another car. The truth is that many finance companies see an individual as a better credit risk afterward rather than before when that person had so much outstanding debt. Under the current FHA rules, you may be eligible for a standard mortgage at a favorable rate just two years after the completion of your bankruptcy.

You can keep your exempt property and anything you obtain after the bankruptcy is filed. However, if you receive an inheritance, a property settlement, or life insurance benefits within 180 days after your bankruptcy, that money or property may have to be paid to your creditors if the property or money is not exempt. You can also keep any property covered by Florida Bankruptcy Exemptions through the bankruptcy.

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