Kristen M Jackson
BANKRUPTCY
Chapter 7 & Chapter 13
&
FORECLOSURE
Forbearance, Short Sale, Deed In Lieu Of
If you find yourself in financial turmoil and possibly facing the loss of your home to foreclosure and unable to pay other bills, you are not alone. You should not feel embarrassed. Most people who file bankruptcy are honest people who feel badly about not paying their debts and that bankruptcy is immoral or wrong.
The bankruptcy laws were passed to help you when your debts make it impossible to provide for your family. It allows you to reduce or eliminate debt to clean the slate and give you a fresh start in life. That being said, you should use bankruptcy as a last resort due to its lingering effects after first attempting to do everything possible to pay your bills.
Bankruptcy may make it possible for you to eliminate most or all of your debts. Filing bankruptcy will stop foreclosure on your home and allow you an opportunity to catch up on missed payments (but will not automatically eliminate mortgages and other liens on your property without payment). Filing bankruptcy can also prevent repossession of a car or other property. Wage garnishment, debt collection harassment, and similar creditor actions to collect a debt will also stop. Utility services cannot be terminated. You can challenge the claims of creditors who are trying to collect more than you owe.
The 2 main options available to most people are Chapter 7 and Chapter 13 bankruptcy. Under chapter 7, you ask the court to discharge your debts. The basic idea in a chapter 7 bankruptcy is to wipe out (discharge) your debts in exchange for your giving up property, except for certain exempt property that the law lets you keep.
If you find yourself contemplating bankruptcy, make sure you do it correctly. Due a change in the law in 2005, the process is now complex. In order to file you must go to counseling and meet the conditions of a means test that shows you qualify for a chapter 7 or 13 bankruptcy. While under the prior law many people filed bankruptcy without legal representation, today it is much more difficult without the help of an experienced bankruptcy attorney.
KM Jackson Law Firm PA
5401 S Kirkman Rd #310
Orlando FL 32819
Tel: 407 363-9020
Fax: 407 363-9558
E-mail: contactus@kmjlawfirm.com
AV Best Rated Law Firm, Attorneys - Orlando, Lake Mary Florida and all of Florida.
KM Jackson Law Firm, P.A., estate planning, elder law, probate, business law, real estate law, specializes or focuses in wills, trusts, probate, elder law family law, real estate, business law, family law, divorce law, immigration law, TPS Temporary Protective Status, and bankruptcy & foreclosure law in Orlando and Lake Mary and all of Florida.
Votes:6
Comments: 0