On August 19, the Fort Lauderdale home of financially troubled 70s television star David Cassidy will go up for auction. The sale of the actor and singer’s six-bedroom, six-bath estate is the latest step in the resolution of settling Cassidy’s debts through the Bankruptcy process he initiated in February of this year. Cassidy is said to have between $1 million and $10 million in unpaid debt that he’s hoping to discharge through bankruptcy protection. Just because Cassidy wasn’t able to keep his home, however, doesn’t mean that you will have to give up your property and lose everything you have should you choose to file.
Up north, Real Housewives of New York City cast member Sonja Morgan was allowed to keep her home as a condition of her November bankruptcy filing, which is now on the verge of coming to a close. One of the most common questions people ask prior to filing for bankruptcy is “Will I still be able to keep my home?” The short answer to this question is “yes and no.” If you file for Chapter 13 bankruptcy, the answer is yes. In Chapter 13 bankruptcy, you repay all, or a portion, of your debts through a repayment plan over a period of three to five years. In exchange, you may keep your property (including your car and home), assuming you keep up with payments on any loans secured by the property. You may also be able to keep your home through Chapter 11, as was the case with Morgan.
The point is there is no one-size-fits-all rule regarding bankruptcy protection. In order to get accurate and reliable information, you need to contact an experienced bankruptcy attorney. You may find out there are ways out of your debt without having to pursue bankruptcy at all.
The Law Firm of Joel R. Spivack specializes in helping clients through bankruptcy. We understand that it can be an uncomfortable ordeal. We are here to help you complete the process as soon as possible so you can move on with your life and start rebuilding. Contact us now to get your fresh start.