Help With Foreclosure and Mortgage Problems
Millions of houses in Florida are “upside down” or “under water,” meaning that more money is owed on the mortgage(s) than a house is actually worth. This makes it impossible for many people to sell through conventional means. In addition, many homeowners are dealing with adjustable rate mortgages that have increased their payments. To make matters worse, many consumers have lost income and have excessive credit card debt weighing them down.
If you are behind on mortgage payments or you are afraid of foreclosure, our attorneys can advise you about how bankruptcy may be helpful to you. Whether you desperately want to keep your home or you are eager to get rid of it, bankruptcy may be able to help you support whatever housing situation will be affordable for you and your family.
Chapter 7 bankruptcy can be a powerful tool for keeping a home, or for getting out of an unaffordable house with minimal liability for mortgage deficiencies. By getting credit card debt off your plate, you may be able to keep your house and pay important bills with the income you have.
Chapter 13 can help you prioritize your debts and expenses and get caught up on mortgage payments. It can also be used to stop a scheduled foreclosure sale or sheriff’s sale. Contact us to learn more.
If you are afraid of having your car or truck repossessed, we can help you understand how bankruptcy relates to your vehicle loan. Florida bankruptcy law can make it difficult to keep a non-financed vehicle in Chapter 7 if it has more than $1000 in equity. If you are upside down on a car loan, though, or you have less than $1000 in equity, you may be able to keep your vehicle even with a Chapter 7 filing. Chapter 13, on the other hand, helps some people keep their cars by restructuring car payments and making affordable arrangements for back payments.
As is the case with some mortgage situations, many consumers who get rid of their credit card debt through bankruptcy find that they become able to afford their car payments. As your attorneys, we will help you explore your options with regard to vehicle loans and help you make decisions that will improve your financial picture.
Contact a Sarasota Lawyer Providing Foreclosure and Repossession Defense
The answer to the question, Can I keep my house and my car in bankruptcy? will depend on your circumstances. Bankruptcy is not right for everyone, and it will not deal with every kind of debt, but it can be an extremely powerful tool when used properly. Contact us to schedule an appointment with a bankruptcy attorney who can assess your situation and help you plan your next steps.