During tough economic times, foreclosures and vehicle repossessions are common, leaving many people desperate to save their home, car, and other possessions. Most people do not realize that filing bankruptcy can stop home foreclosure, stop repossession, and help them keep most of their property. If you are falling behind on mortgage payments, car payments, and other debt, you should consult with a bankruptcy lawyer in Tampa from Attorneys and Debt Counselors for a free consultation about the legal options available to you.
Federal bankruptcy laws are part of U.S. Code, Title 11. The two main chapters of this code dealing with bankruptcy for consumers are Chapter 7 and Chapter 13. Either of these chapters may be of assistance if you wish to stop foreclosure, stop repossession, and stop bill collector harassment.
A Chapter 13 bankruptcy often provides the best solution for people who want to stop foreclosure, repossession, and bill collector harassment. With a Chapter 13 bankruptcy, you will receive an “automatic stay” from the bankruptcy court. An automatic stay forces bill collectors to halt all debt collection efforts, including foreclosure and car repossession. In addition to the automatic stay, you also will receive 3 to 5 years to catch up on your current and past due debt payments. As long as you make your payments as agreed upon in the Chapter 13 bankruptcy plan, foreclosure proceedings, repossessions, and other collection attempts will end.
The other option is a Chapter 7 bankruptcy. This is a liquidating bankruptcy, meaning that some or all of your property may be sold to pay back your creditors. However, in a Florida Chapter 7 bankruptcy, you may be able to make some of your property exempt, protecting it from being sold or liquidated. Common exemptions in a Florida Chapter 7 bankruptcy could be your home, vehicle, and certain other personal items.
Both Chapter 13 and Chapter 7 bankruptcies are complex, and mistakes are costly. A Florida bankruptcy lawyer should be your resource for explaining all the options available to you, especially the options that stop foreclosure, stop repossession, stop bill collector harassment, and provide Florida debt negotiation services.
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Bankruptcy may not be for everyone. Mr. Carratt analyzes each client’s situation and creates a Debt Relief Strategy. Serving Tampa Bay & Daytona Beach areas.