My Home is in Foreclosure in Jacksonville, Will Bankruptcy Help Save It?
In these tough economic times, this is a common question clients ask their Jacksonville Bankruptcy Lawyer . In Florida, a Chapter 13 Bankruptcy can help a debtor keep their home or car if they are behind in their payments. In a Florida Chapter 13 Bankruptcy , the debtor repays the arrearages that they owe through a chapter 13 Plan that can span 3-5 years. This helps the debtor cure their default amount and save their home.
Also, when a debtor files a Chapter 13 Bankruptcy, an automatic stay is put into place that prohibits creditors from trying to collect from the debtor. The automatic stay will stop the foreclosure proceedings. If the debtor fulfills the chapter 13 Plan, the home loan will be brought current.
If you have a second mortgage and the home is worth less than the primary mortgage, a Chapter 13 Bankruptcy will strip the second or third mortgages and you will own nothing on these loans.
This is great news for those behind on their mortgage payments! Speak with a Jacksonville Bankruptcy Lawyer now to discuss how to save your home.
