Chapter 13 Bankruptcy Offers More Than a Repayment Plan for Debt
Chapter 13 Bankruptcy May Save your Home from Foreclosure
The Jacksonville bankruptcy lawyers at Cleaveland & Cleaveland, P.L., with offices in Jacksonville, Florida and Orlando, Florida, advise that while a chapter 13 bankruptcy is a repayment plan, it offers significant benefits relating to one’s home that a chapter 7 bankruptcy does not.
Jacksonville bankruptcy lawyer Michael Cleaveland, advises that a chapter 13 bankruptcy can save your home from foreclosure. If the chapter 13 bankruptcy is filed in Jacksonville, Florida (or the surrounding areas of Duval County: Clay County, Nassau County, St. Johns County, Baker County, and Union County) or Orlando, Florida (or the surrounding areas of Orange County: Seminole County, Osceola County, Lake County, and Volusia County) the Jacksonville bankruptcy lawyers at Cleaveland & Cleaveland can assist you in electing to either pay the arrearages on the mortgage through the chapter 13 bankruptcy repayment plan, or mediate during the chapter 13 bankruptcy and attempt to modify the mortgage entirely. More information on saving your home from foreclosure can be obtained by contacting a Jacksonville bankruptcy lawyer.
Josh Tejes, the firm’s Orlando bankruptcy lawyer advises another benefit of filing a chapter 13 bankruptcy that is not available to those who file a chapter 7 bankruptcy, is the ability to remove the lien of a second mortgage or other loan secured by the home, in certain circumstances. To discuss the circumstances in which a lien can be removed from your home, contact a Jacksonville bankruptcy lawyer.
For some, defending the foreclosure may be the better option. The foreclosure lawyers at Cleaveland & Cleaveland offer foreclosure defense as an option. Schedule a free consultation with a Jacksonville foreclosure lawyer to learn more about defending a foreclosure. For others, surrendering upside down real estate is the best option. Generally, if the home is significantly upside down, or if changes in your financial situation prevent you from being able to afford the property, surrendering the property will allow you to start fresh with no negative equity. While it is not necessary to file a chapter 13 bankruptcy or a chapter 7 bankruptcy when surrendering you home, filing a chapter 7 bankruptcy will prevent the bank from seeking a deficiency judgment against you. In certain circumstances, filing a chapter 13 bankruptcy may also prevent the bank from seeking a deficiency judgment. To discuss the circumstances in which a chapter 13 bankruptcy may prevent the bank from seeking a deficiency judgment after a foreclosure, contact a Jacksonville bankruptcy lawyer. To discuss your options relating to a chapter 7 bankruptcy or chapter 13 bankruptcy, foreclosure defense, debt defense, or debt harassment, the Jacksonville bankruptcy lawyers of Cleaveland & Cleaveland, P.L. offer a free consultation.