northern bankruptcy court florida

northern bankruptcy court florida

If you try to save your home from foreclosure, you may like bankruptcy. While it can be done, there are numerous pitfalls in the process, and very few people actually complete the process. With the bankruptcy can stall a foreclosure end up saddled with higher monthly payments and lower your Credit. For most people, foreclosure, bankruptcy is doing is just a stopgap to buy, to shift a little more time to plan or work to find a solution with their mortgage companies.

Filing bankruptcy is to buy some time on the foreclosure, but the time you can get from person to person and depends largely depends your financial situation. If you are using bankruptcy to that end, you will be registering a Chapter 13, which was designed to caught up with you on your mortgage payments. Whether you ever actually caught up is irrelevant at this point. A Chapter 13 is where you want to start.

A bankruptcy is designed so that the people who foreclosure for some time under the protection of the law, to repay their debts and reorganize any misconduct. The court will structure a repayment plan for you for all your debts including your mortgage. If you create the plan, it will either be paid your debts, or electricity. Once you are on your current mortgage, the Foreclosure process is terminated and your house will be safe. This can either take only a few months until a few years, depending on the court.

Although this is the ideal situation It is not often the result. Many people do not find themselves unable to keep pace with the eradication plan, even with reduced monthly payments. If they miss a payment have the court has the case and the creditor of the foreclosure process can start again from the date of the original application for bankruptcy. In fact, a homeowner at the end is bad stand than before, because the bank will often try to add the late payments to the former debt, which increases the overall mortgage payment. These can just look worse your credit report, and can even the lawyers involved again as the mortgage company sends its legal team to recoup your investment.

If you have an opportunity to sell the property or refinance to find it, you can take the house from the bankruptcy proceedings and a small step toward protecting Your credit. Under the house of the bankruptcy will not stop the bankruptcy itself, and you can still use to eliminate your other debts. So, yes, a bankruptcy be used to stall a foreclosure, but it is not the best strategy. There are other, financially sound way to ensure that you get a decent credit rating and not end up with more by the bank, than if you start!

Julia Vakulenko is a licensed broker associate with Realty. She has one of the hardest working Tampa Real Estate team in Florida specializing in Tampa Condos and also in2Va Team for Northern Virginia Real Estate.

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