"Can I Keep My Home?"
For most people, the prospect of home foreclosure is by far the most distressing aspect of personal bankruptcy. It also happens to be one of the first questions they want an answer to after walking into a bankruptcy lawyer's office.
The answer to the home foreclosure question depends on your circumstances. If you are current on your mortgage or could make up any arrears before filing, you may be able to keep your home and wipe out all of your unsecured debt through Chapter 7.
Realistically, however, if your home is more than two or three months behind, and all other attempts to work out an alternative plan with the mortgage hold have failed, Chapter 13 is the only option.
Concerned about home foreclosure? Not doing anything, refinancing (again), and trying to work out a short sale agreement with your mortgage holder without talking to an attorney first — these are three of the biggest mistakes you can make. Instead, call 407-843-0012 or contact our firm online to make arrangements for a free consultation.
Keeping Your Home in a Chapter 13 Bankruptcy
Maybe it has been over a year since you last made a mortgage payment. Maybe a divorce or injury has proven to be too much of a financial blow. Maybe the judicial sale is just a few days away. Whatever your situation, if you don't wait until the last minute, you may be able to keep your home and get a meaningful amount of debt relief at the same time.
Filing for Chapter 13 bankruptcy protection may allow you to do this. Typically, a three- to five-year reorganization plan is developed. This plan takes into account what you owe, reasonable living expenses, and then schedules payments that you can afford.
As part of that plan, some debts (not your mortgage) may be significantly reduced or erased. However, you will be required to continue paying current mortgage obligations while spreading out the payments for past-due mortgage amounts over the three- to five-year period.
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Our firm helps families and individuals throughout Orange, Seminole and Osceola counties to navigate the bankruptcy process and prevent home foreclosure.
To schedule a free initial consultation with an attorney - call our Winter Park, Florida, law offices directly or contact us online.
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.
