Protecting Your Home from Foreclosure in Florida through Bankruptcy Proceedings

 

Did you know that filing for bankruptcy in Florida can help stop the foreclosure process and potentially allow you to keep your home? In this blog post, top bankruptcy attorneys in Panama City Beach, Florida, will explore how Chapter 7 and Chapter 13 bankruptcy can affect your home and how it can help you during this difficult time.

Chapter 7 Bankruptcy:

Chapter 7 bankruptcy is often referred to as a "liquidation" bankruptcy because most of your assets may be sold to repay your debts. However, there are exemptions, including one that allows you to keep your primary residence. If you want to keep your home, you'll need to continue paying your mortgage. If you're behind on your mortgage payments, filing for Chapter 7 bankruptcy can give you a little breathing room. An automatic stay will go into effect as soon as you file, temporarily halting any foreclosure proceedings. This can give you time to catch up on your mortgage payments without the threat of losing your home.

Chapter 13 Bankruptcy:

Chapter 13 bankruptcy is also known as a "reorganization" bankruptcy because it involves developing a repayment plan to pay off your debts over three-to-five years. If you're behind on your mortgage payments, you can include them in your repayment plan, allowing you to catch up on your payments over time. The automatic stay will also go into effect as soon as you file, halting any foreclosure proceedings. This can give you time to catch up on your mortgage payments while keeping your home.

How Each Bankruptcy Type Affects a Home:

While both Chapter 7 and Chapter 13 bankruptcy can help stop foreclosure and allow you to keep your home, they affect your home differently in the long run. In Chapter 7 bankruptcy, your mortgage payments will continue as normal, and the bank won't be able to foreclose on your home if you continue to pay your mortgage. In Chapter 13 bankruptcy, your mortgage payments will be included in your repayment plan, allowing you to catch up on any past-due payments. If you're struggling to keep up with your mortgage payments and feel that you may ultimately be unable to do so in the future, Chapter 13 bankruptcy may be a better option for you.

In conclusion, seeking the assistance of a lawyer to declare bankruptcy can make a significant difference when facing foreclosure in Florida. They possess in-depth knowledge about Chapter 7 and Chapter 13 bankruptcy and leverage this expertise to guide you through the legal maze, enabling you to make informed decisions. Foreclosure doesn't have to mean losing your home. With the right guidance, you can effectively use these bankruptcy laws to your advantage, providing you not just with the potential to retain your home, but also with the hope for a brighter, more financially stable future.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com