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Boca Raton Bankruptcy Case Save Your Home

Have you been served with foreclosure papers in Boca Raton or anywhere in Florida? If so, you are probably scared and frustrated over the possibility of losing the home you have worked so hard to build. You do not know where you are going to move your family or how you are going to continue paying bills that you cannot afford. Our Boca Raton bankruptcy attorneys can help! You may be able to save your home by filing a bankruptcy case.

Filing a Bankruptcy Case to Stop Foreclosure

For many peoples struggling with debts they cannot pay, filing bankruptcy is often an affordable solution to their financial problems. When you are behind on your mortgage payments, a Chapter 13 bankruptcy can stop foreclosure proceedings and give you the opportunity to save your home from foreclosure. A Chapter 13 bankruptcy helps you in three ways.

First, when you file a Chapter 13 bankruptcy case, the foreclosure proceeding must stop immediately. The mortgage lender cannot take any further action to collect the past due mortgage payments or sell the house in a foreclosure sale. The mortgage company must now work through the bankruptcy court to resolve the problem.

Second, your past due mortgage payments will be included in your Chapter 13 bankruptcy plan. Instead of being required to pay the entire balance of your past due payments at one time, the debt will be spread out over 60 months making it affordable for you to catch up your past due mortgage payments. You simply resume your regular mortgage payments and pay your Chapter 13 plan payment. When the plan is complete, your payments are caught up.

Third, filing a Chapter 13 bankruptcy eliminates most, if not all, of your unsecured debts. Your credit card debts, medical bills, personal loans, and cash advance loans are paid through your Chapter 13 plan. You only pay a small percentage of those debts back through the Chapter 13 plan. At the completion of your plan, the remaining balances are discharged and you are no longer legally liable to repay those debts. Because you do not pay your unsecured debts the full payment each month during your plan, this provides additional funds for you to use to keep your mortgage payment current.

Reorganizing Debt to Recover Financially

A Chapter 13 bankruptcy is often referred to as a “reorganization” because it allows you to reorganize your debts into a manageable plan. You pay what you can afford to pay toward your unsecured debts so that you can get your feet back under you after experiencing a financial crisis. For many people, a Chapter 13 bankruptcy is the first step in improving their financial well-being.

Contact the Boca Raton Bankruptcy Attorneys of The Broderick Law Firm, P.L.

The Boca Raton bankruptcy attorneys of The Broderick Law Firm, P. want to help you save your home if possible. We understand that you may be frightened and nervous about filing a bankruptcy case to save your home. Contact our office to schedule a free bankruptcy consultation to discuss the advantages of filing bankruptcy.

Our Boca Raton bankruptcy attorneys never charge a fee to give you bankruptcy advice.