The ability to file Bankruptcy is a privilege, not a right, and it allows you to get rid of most, if not all of your debts or in the case of Chapter 13, take control of your debts and structure a repayments plan to better fit your budget and goals.
Chapter 13 is known as a reorganization bankruptcy, and involves creating a structure payment plan that helps control your payments to creditors or can allow you the ability to get caught up on payments on certain debts like your mortgage or car payments. Many times, although a Chapter 13 is a payment plan of sorts, most clients pay little to nothing towards their unsecured creditors. It is imperative that you hire an experienced Orlando bankruptcy attorney to assist you with your Chapter 13 filing.
Hiring a knowledgeable attorney can have a significant impact on your case, so be sure to hire the right attorney by contacting the Orlando Bankruptcy attorneys, Michael Ferrin & Victoria Anderson, at the Law Offices of Anderson and Ferrin Attorneys at Law.
In some instances, Chapter 13 can also let you forego your second and third mortgages. Since Chapter 13 lets you secure your first mortgage by your home’s entire worth, you lose the equity that enabled security of the second and third mortgages. These mortgages then can be “stripped off” in most cases and become unsecured debt. Unsecured debt can be paid off until the end of the repayment period. Afterwards, unpaid portions of stripped off mortgages are discharged.
If your home is about to foreclose and you want to know if Chapter 13 is right for you, contact Anderson & Ferrin. We specialize in Chapter 13 bankruptcy and foreclosure; our knowledge in both of these areas enable us to better counsel you on how Chapter 13 can help save your home from foreclosure.
Located in Orlando, Anderson & Ferrin has helped Orlando clients with filing their Chapter 13 bankruptcy and save their homes. Call Now for a Free Consultation at 407-412-7041.