You worked for years to finally call yourself a homeowner, only to have your finances unexpectedly collapse. If you find yourself facing the devastating consequence of bankruptcy as a result, it is essential for you to understand the options available to save your most important investment: your home. It is actually possible to declare bankruptcy and resolve your debts without losing your home.
A Chapter 13 Bankruptcy
Bankruptcy can be declared in a few different forms. A chapter 13 bankruptcy in particular allows you to delay or even fully prevent a foreclosure while simultaneously paying off your debts. For this reason, a chapter 13 is also known as a personal reorganization. When you opt for this form of bankruptcy, you will propose a plan for repayment and make payments each month to a trustee or “middle man” who will pay your creditors. Your mortgage arrears, taxes, alimony, and child support receive the most importance in this repayment plan, with medical bills and credit card debt coming after.
You Don’t Have to Lose Your Home
When you work with your bankruptcy attorney to arrange a chapter 13 bankruptcy, you will resolve your mortgage arrears in about three to five years and completely prevent foreclosure from occurring. As long as you have a sufficient amount of income and can prove your ability to afford your repayment plan, you can file for a chapter 13. You will include all of your debts including personal, student, and car loans, as well as credit card and medical debts. This transparency is essential or else you risk placing your bankruptcy protection into jeopardy.
It is also essential to tackle your chapter 13 bankruptcy with the help of a qualified, compassionate, and experienced attorney by your side. North Tampa Law Group of Tampa, Florida specializes in every type of bankruptcy to ensure that you have all of the guidance you need through such a difficult time. Call (813) 452-4635 today to begin the process of saving your home and redeeming your finances.