The thought of losing a home due to financial difficulties is often a homeowner's worst nightmare. While the home foreclosure process can be scary and overwhelming for many, knowing the options and possible ways to halt or delay a home foreclosure may help countless homeowners weather a financial storm. Any Florida homeowner concerned about a potential home foreclosure is entitled to get the facts and explore the options available to confront the underlying issues.
Chapter 7 bankruptcy aids homeowners in the process of discharging many types of debts. Under this type of bankruptcy, the home may be sold, although there is a homestead exemption that may apply and could keep the property out of the hands of creditors. As Florida has a liberal homestead exemption, it is worthwhile to investigate whether a home may be exempt.