During Bankruptcy, How Do We Protect Our House?
"Would I be prepared to hold my house?" is a typical concern from customers considering Bankruptcy in Orlando. Some homeowners are already in danger of losing their homes, while others can keep up with their mortgage payments but do not want to risk bankruptcy.
People who file for bankruptcy may retain their necessities, such as their cars and homes. As an example, consider houses, automobiles, and furnishings.
When we file for bankruptcy on behalf of customers, we compile a Statement on Intentions that contains the details mentioned above and include them in the document. As a follow-up, we make it a point to include the residents in the processes relating to the bankruptcy. You need one of the most skilled bankruptcy attorneys who has experience working with cases like yours regularly for this reason. We place the highest value on ensuring that our customers' possessions are kept secure.
It is a common misconception that filing for bankruptcy would result in losing one's home. Most of our clients do not suffer any financial consequences due to Florida's broad bankruptcy exemptions. In the overwhelming majority of Chapter 7 bankruptcies, sometimes called "no-asset cases," the debtor is not forced to hand up any property or money to the court overseeing the case. If you file for bankruptcy, none of your assets will be taken from you. This includes your home, automobile, retirement accounts, social security, and pension.
The Bankruptcy Automatic Stay's Safeguards
The automatic stay is the first type of bankruptcy-related protection. The automatic stay halts any collection activities, including any foreclosure procedures you may have faced before filing. Only if your creditor is successful in having it removed can the operations continue. This is an excellent opportunity to make up for any missed mortgage payments.
Real Estate That Qualifies for Exemption
In the context of consumer bankruptcy proceedings, there are two categories of property: exempt property and nonexempt property. When filing for bankruptcy under chapters 7 and 11, sometimes referred to as liquidation bankruptcy, non-exempt property may be auctioned to satisfy the debts owed to creditors who are eligible for payment. When it comes to determining what kinds of property are exempt from state taxes, our state has one of the most liberal policies of any of the conditions. It is possible to claim an indefinite number of shares in your home as exempt property in Florida. Even if you file for liquidation bankruptcy, your home will not be sold, and the proceeds will be used to pay off your creditors.
Anyone interested in learning more about the legal alternatives available to them or who has problems paying off their debt may take advantage of our free consultation services. If you have unpaid bills, you won't be able to get a good night's rest. It gives you a feeling of unease. Because of it, relationships can no longer be salvaged. I investigated every possibility. I was taken aback when I decided to call a bankruptcy lawyer.
As a result, my legal company and I have filed more bankruptcies than anybody else in the nation. The Law Firm's bankruptcy customers have removed almost a billion dollars in debt.
Keep in mind that an attorney is someone who lives and works in the same town as you.They work around the needs of their customers and are willing to accommodate your schedule. Make an appointment for a free personal consultation by visiting their website or calling them.