The Help You Deserve When You Need It The Most. Our Bankruptcy Attorneys Have Extensive Experience In Resolving Complex Debt Situations.
Are creditors hounding you and you don’t know how to you will be able to resolve the financial pressure? Are you worried you may lose your house, car or business because of financial problems? Can’t pay more than just the minimum payment on your credit cards? A consumer or small business bankruptcy may be the solution. We have experience in chapter 7, 11, 12, 13 and small business bankruptcies that can help protect your assets, eliminate credit card, medical bills, certain taxes and other debts and restructure other debts including those to the IRS. The consultation is free and we help you decide if bankruptcy is the right choice for you. We have handled thousands of bankruptcies for our clients.
Individuals who have experienced hardship due to the economic downturn may greatly benefit from the filing of bankruptcy.
Depending on the individual’s situation, a chapter 7 or chapter 13 bankruptcy will assist in the restructure and reorganization of secured debts and the elimination of unsecured obligations.
Using bankruptcy can greatly assist individuals in gaining control of their financial situation and moving forward without years of delinquent debts and lawsuits looming over one’s life.
Many individuals seek bankruptcy when they have fallen behind on their mortgage obligations and wish to save their home. The filing of a chapter 13 bankruptcy allows for the restructure of an individual’s secured debt. This restructure allows for the elimination or “stripping” of certain secured debts and the elimination of all unsecured debts.
In April of 2013, the Bankruptcy Court for the Southern District of Florida enacted a new program known as Loss Mitigation Mediation (LMM). Individuals in a Chapter 13 bankruptcy may use this program to attend mediation during the Chapter 13 bankruptcy and attempt a modification of mortgage obligations.
A Chapter 13 bankruptcy may also be used to eliminate or “strip” second mortgages for properties that are underwater. For example, during the mortgage boom, many individuals were only able to qualify for the purchase of a property with an 80/20 loan.
Because of the decline in property values, many homeowners owe more to the first mortgage company than the current market value of the property. When this occurs, an individual may use a chapter 13 bankruptcy to completely eliminate the second mortgage. This same concept may be applied to liens placed on under-secured properties by homeowner and condominium associations.
To many homeowners’ surprise, associations may foreclose based on unpaid association fees. The foreclosure process for a condominium or homeowner association moves much more quickly than the bank foreclosures.
Another benefit of a bankruptcy is that it will stay all proceedings and debt collection attempts, thereby paralyzing any creditor, including an association or bank’s ability to move forward the foreclosure process.
While an individual is in bankruptcy, this automatic stay will protect their assets and remain in effect until a creditor can demonstrate cause to have it removed or the debt is not necessary for the restructure of a debtor’s assets.
We have knowledgeable attorneys and staff at the Corona Law Firm, P.A., that can assist you with the filing of your bankruptcy and help advise you as to which bankruptcy may be best for you. Contact the Corona Law Firm today for a free consultation.