How a Florida Chapter 13 Bankruptcy Can Help Stop Foreclosure
Are you facing foreclosure in Florida? If so, you may be wondering if filing for Chapter 13 bankruptcy can help you keep your home. The answer is yes – a Florida Chapter 13 bankruptcy can provide you with the tools you need to stop foreclosure and keep your home. In this article, we’ll discuss how Chapter 13 bankruptcy works and how it can help you keep your home.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a debt reorganization plan that allows you to repay your debts over a period of three to five years. Unlike Chapter 7 bankruptcy, which requires you to liquidate your non-exempt assets to pay off your debts, Chapter 13 bankruptcy allows you to keep your property and pay off your debts through a repayment plan.
How Chapter 13 Bankruptcy Can Stop Foreclosure:
One of the main benefits of Chapter 13 bankruptcy is that it can stop foreclosure proceedings against your home. When you file for Chapter 13 bankruptcy, an automatic stay goes into effect, which prohibits creditors from taking any action to collect on your debts, including foreclosure.
The automatic stay can provide you with some breathing room to work out a repayment plan with your creditors. In a Chapter 13 bankruptcy, you can propose a plan to repay your past-due mortgage payments over a period of three to five years. As long as you keep up with your repayment plan, you can keep your home and avoid foreclosure.
Chapter 13 bankruptcy can also help you address other debts that may be contributing to your financial difficulties, such as credit card debt or medical bills. By consolidating your debts into a manageable repayment plan, you can get your finances back on track and avoid further financial stress.
If you’re facing foreclosure in Florida, a Chapter 13 bankruptcy may be able to help you keep your home. By filing for Chapter 13 bankruptcy, you can stop foreclosure proceedings and propose a repayment plan to repay your past-due mortgage payments over a period of three to five years. If you’re struggling with debt and facing foreclosure, contact a bankruptcy attorney in Florida to learn more about your options and how Chapter 13 bankruptcy can help you get your finances back on track.
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