Florida Bankruptcy Attorneys on Refinancing
The loss of a home is tragic under any conditions. The loss of a house to bankruptcy is a tragedy. However, there are measures within the Bankruptcy Code which will “exempt” a house from the bankruptcy process. However, the debtor must be able to prove that, once debt is discharged, they are able to then make mortgage payments in a timely manner. Florida bankruptcy attorneys have the knowledge and experience to help you make that decision.
Bankruptcy is a powerful tool to delay or prevent a foreclosure and give you time to reorder your finances. Filing a bankruptcy petition for either Chapter 13 or Chapter 7 with Florida bankruptcy lawyers results in the court issuing what is known as an automatic stay. This action “stays” or stops many actions, such as debt collectors’ harassing calls, evictions and foreclosures, but only under certain conditions:
• The lender can obtain a motion to lift the stay – If your lender can convince the court that you are unable to retain your home – you are in arrears, you have no equity in your house and, even after the bankruptcy, your finances do not appear to allow you to make the payments, then the count will very likely grant the motion to lift the stay and the foreclosure will proceed.
• The foreclosure notice has not already been filed – Many states have laws that require lenders to give homeowners advanced notice of a foreclosure, sometimes as long as three or four months. If, during that three or four months, you file for bankruptcy and the notice runs out before the bankruptcy is realized, the court will lift the stay and the foreclosure will proceed.
Be aware that time is not on your side in this situation. The sooner you investigate all your options, the more likely you will be able to save your home from foreclosure.
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