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Can bankruptcy stop a foreclosure sale?

By Florida Law Advisers, P.A. |

Yes, when a Chapter 7 or Chapter 13 case is filed an automatic stay is instantly put into effect. The automatic stay is a federal law which stops all forms of collection activity, including foreclosure auctions already scheduled to occur.

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Will I still owe the mortgage company money?

By Florida Law Advisers, P.A. |

Often, after a foreclosure auction there will not be enough funds from the sale to pay the mortgage in full. When this occurs, the bank may sue the borrower for the remaining loan balance. However, Chapter 7 bankruptcy can discharge the full amount of the mortgage loan and end a borrower’s liability to the… Read More »

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Can I keep my home if I file bankruptcy?

By Florida Law Advisers, P.A. |

Yes, homestead (primary residence) is a protected asset in both Chapter 13 and Chapter 7 bankruptcy. Therefore, you may not have to forfeit your home as a condition of the bankruptcy.

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Will bankruptcy help me lower my mortgage payment?

By Florida Law Advisers, P.A. |

Chapter 13 bankruptcy gives homeowners the opportunity to reorganize their mortgage debt into one manageable payment. In addition, it may provide up to five years to catch up on missed mortgage payments without being charged additional interest.

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