CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What You Should Know about Bankruptcy and Foreclosure

Bankruptcy seems as if it would be one of the most devastating things that could happen to a person financially, but the truth is bankruptcy is one of several options that fix financial turmoil. In many instances, it is the best option. One of the more important benefits of bankruptcy is how it affects foreclosure proceedings. For many homeowners, filing for bankruptcy stopped their foreclosure and allowed them to remain in their homes.

What Should You Know About Filing for Bankruptcy if You are Facing Foreclosure?

If you have received a “Notice of Default” from your mortgage lender your financial situation is serious and about to affect your living arrangements. Your lender has initiated foreclosure proceedings that could result in your losing your home. The good news is you are not powerless and there are things you can do to buy time to sort through your situation. If you are like most people, your home is your most valuable financial asset and one of your most important possessions. If there is something you can do to protect it you should take action as soon as possible.

Chapter 7 and Foreclosure: A Temporary Solution

Chapter 7 bankruptcy creates an automatic stay. This means all creditors and debt collectors must stop their collection efforts against you immediately. This includes your mortgage lender.

Unfortunately, Chapter 7 does not stop foreclosure permanently. What it can do is free up money you were paying toward other debt to now put toward your mortgage. If your income is not enough to bring your mortgage current and pay off any non-dischargeable debts, you could still be at risk for losing your home.

Chapter 13 and Foreclosure: A Better Option?

Chapter 13 bankruptcy can stop foreclosure on a permanent basis, as long as it is handled properly. Chapter 13 is more a repayment plan than it is a discharge of any debt. You must pay back your debts, but it must be done within a certain timeframe and based on certain arrangements approved by the bankruptcy court.

The goal of Chapter 13 when it comes to your mortgage is to arrange a payment plan that is manageable. You are able to negotiate regarding some of the back payments you owe and you can continue to live in your home as long as you make payments based on the plan.

Keep in mind not everyone qualifies for bankruptcy, Chapter 13 or otherwise. This is why it is so important to work with a bankruptcy attorney who understands the laws and can explain your options in a way that makes it easy to determine which choice is best for you. It is also important to note that foreclosure laws vary from state to state.

Are you facing foreclosure? Are you wondering if filing for bankruptcy could allow you to continue living in your home? We can help. Contact the Law Offices of Robert M. Geller at 813.254.5696 for more information.

Archive

Tampa Bankruptcy Law Blog

How to Avoid Being a Victim of Scam Calls for Student Loans

Scam Calls for Student Loans Student loans are one of the biggest burdens faced by college attendees. Even students who...
Read More

Can Medical Bills Be Included in a Bankruptcy? Here’s What You Need to Know

Can medical bills be included in a bankruptcy? Medical problems are stressful enough without facing a significant debt burden after...
Read More

I’m Unemployed. Can I Still File for Bankruptcy?

Unemployed Bankruptcy Being in debt is bad enough, but if you’ve lost your job recently or accumulated debt because of...
Read More

How Will Filing for Bankruptcy Affect My Credit?

Will Bankruptcy Affect My Credit? Not paying your bills affects your credit negatively. And yet problems with credit are one...
Read More

Behind or In Default on Your Student Loan? Here’s What You Should Know

Student Loan Default If you’ve fallen behind on student loan payments or your student loans are in default, you aren’t...
Read More

Will Bankrutcy Affect My Job? Learn How Filing Affects You in the Workplace

Will Bankruptcy Affect My Job? Filing for bankruptcy raises many considerations. One of the most important is whether or not...
Read More

Can Bankruptcy Help Me If I’m Behind on Child Support?

Bankruptcy and Child Support Bankruptcy can help you with a lot of things. It can help you stop calls from...
Read More

Can You File for Bankruptcy When You’re Unemployed?

Bankruptcy and Unemployment Being in debt is bad enough, but if you’ve lost your job recently or accumulated debt because...
Read More

Bankruptcy and Eviction History

Eviction With the rate of evictions on the rise in recent months and the expectations that eviction numbers will grow,...
Read More

What to Expect Once You’ve Decided to File Bankruptcy from Home

File Bankruptcy from Home There are a few things that happen when you file bankruptcy from home. An automatic stay...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo comodo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions