When you’re in the middle of financial challenges, it can feel like you’re in a fog. Everyone around you may be giving you advice, but sometimes the facts are difficult to see and you’re faced with questions that only seem to have complicated answers. Can your home go into bank foreclosure? Can debt collectors have you arrested? Will bankruptcy be the end of the road for your financial life?
Let’s clear that fog a bit, at least when it comes to bankruptcies and foreclosures. Can a personal bankruptcy stop the bank from taking your home? In many cases, the answer is yes. Of course, every case is different, so here are a few of the facts to be aware of if you’re contemplating bankruptcy:
Choose Bankruptcies Wisely
Even if the bank foreclosure is moving forward, filing for either Chapter 7 and Chapter 13 bankruptcies will stop the proceedings, giving you time to breathe and formulate a plan.
Chapter 7 Bankruptcy
Possessions can be sold to pay off debts, so there is a possibility you can lose your house still.
Chapter 13 Bankruptcy
You have a greater chance of delaying foreclosure for a much longer period and perhaps forever. That’s because Chapter 13 bankruptcies don’t involve a selloff of property. Instead, you agree to a repayment plan that works for you.
Reinstatement
If you are lagging behind on your monthly mortgage payments, reinstatement can allow you to repay the amount as a lump sum payment before a specific deadline.
Short Refinance
In this case, your lender may agree to forgo some portion of your debt and refinance the balance debt as a completely new loan.
Loan Modification
Talk to your Florida bankruptcy attorney about mortgage modification, which can enable you to refinance your loan or even extend the loan term.
The Law Offices of Patrick Cordero, PA, a competent Florida bankruptcy attorney has a wealth of experience when it comes to bankruptcy and bank foreclosure and may be able to save your home. Our Foreclosure Defense page has more info about filing.
Speak to a Top-Rated Florida Bankruptcy Attorney Today!
Whether you’re facing a possible bank foreclosure or bankruptcy, we will handle your case with the attention that it deserves! Schedule a consultation now! Call Patrick L. Cordero Law Offices at 305-445-4855 or contact us online.