How A Chapter 13 Bankruptcy Can Stop Your Home From Being Foreclosed
How A Chapter 13 Bankruptcy Can Stop Your Home From Being Foreclosed
Not every individual experiencing financial turmoil needs to file for bankruptcy to restructure their debt. However, when suitable a chapter 13 bankruptcy could provide a fresh start and a resolution to insolvency. The chapter 13 may supply a discharge of the debts incorporated in the bankruptcy and even halt a foreclosure proceeding. If you are considering filing for bankruptcy protection you should talk with a qualified Tampa bankruptcy lawyer before taking any action.
A chapter 13 bankruptcy may give applicants various advantages which are not available under a chapter 7 bankruptcy. Most notably, chapter 13 bankruptcy offers applicants an opportunity to rescue their home from foreclosure. For instance, as soon as the bankruptcy application is put forward it will compel an automatic stay of any existing foreclosure litigation. Thus, filing for a chapter 13 bankruptcy can provide the borrower with some additional time to bring the delinquent mortgage current and avert the foreclosure. If you are in foreclosure you should consult with a Tampa bankruptcy attorney before it becomes too late to rescue your home from foreclosure. There are various procedural and substantive laws which must be satisfied when filing for a chapter 13 bankruptcy. If you are facing a foreclosure contact one of the trained Tampa bankruptcy attorneys at Florida Law Group to see how a chapter 13 could help prevent your home from being foreclosed.
Reducing the monthly payments on your secured debts can also be a benefit to applying for chapter 13 protection. The chapter 13 bankruptcy payment plan may allow the applicant to reorganize their secured debts and extend the term of the debt. By extending the term of the secured debts the debtor will reduce the monthly payment owed to the secured creditors. The lower payment may help the borrower get back on track with the payments and relieve some of the pressure caused by their financial woes.
Petitioning for a chapter 13 bankruptcy can be a mystifying and daunting time. However, the Tampa bankruptcy lawyers at Florida Law Group will help by advising you on the law and submit the chapter 13 bankruptcy application on your behalf. Contact us now for a free consultation with one of the skilled Tampa bankruptcy attorneys at Florida Law Group.