"You can't have your cake and eat it too..." Bankruptcy court says "Surrender&qu

An October 2016 decision from the 11th Circuit Court of Appeal has answered questions about the meaning of surrendering a home in Federal bankruptcy court in Florida. The Faillas of Boca Raton filed for Chapter 7 bankruptcy protection in 2011. Their house was upside down. In the statement of intention (required in the bankruptcy court), they stated they were going to surrender their house. In all cases, the bankruptcy trustee has the right to sell the house to pay the creditors. Since the Failla's house was worth less than the balance of the mortgage, the bankruptcy trustee “abandoned” the property back to the Faillas. The lender, Citibank, sought to foreclose, and the Faillas fought th

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Gavel and paperwork Florida

       Arna D. Cortazzo

Protecting Floridians' Rights for over 30 years.