the law offices of george castrataro, P.A.Serving South Florida And Fort Lauderdale, Since 2008
Call Us for Your Free Initial Consultation
954-573-1444 Se Habla EspaƱol
We Are There For You

Is bankruptcy the only way to stop foreclosure?

Your house is more than four walls and a roof. It is the place where your family feels safe. It is the place where your children learn and grow. It is the place where you can relax after a difficult day. It acts as a symbol of your hard work.

A lender can threaten everything your home means in your life with a single notice of foreclosure. That piece of paper can make you feel like you did something wrong, that you could have done something different. It can make those four walls feel like they are closing in on you.

Is bankruptcy the only way to stop a foreclosure?

Chapter 7 is often the better choice if you have little equity in the home. It is a way in which you can sell the home and eliminate the debt.

Chapter 13 is often a better choice for people who want to keep their home, have significant equity in their home or earn a good income but are behind on mortgage payments.

It does not eliminate the liability. Regular payments resume once the consumer exits bankruptcy. Although you cannot eliminate your mortgage liability, you can still work with your lenders to modify the loan.

You do not have to wait until a lender decides to foreclose on your property to get help from a bankruptcy attorney. You also do not have to file for bankruptcy to find a viable solution. Bankruptcy alternatives include:

  • Agreements with loss mitigation
  • Modification
  • Refinancing
  • Forbearance agreements
  • Paying a sum to reinstate the loan
  • Government programs such as "Making Homes Affordable"
  • Short sales
  • Mediation

Many of these options are available to you without an attorney. So why have one? A bankruptcy attorney has comprehensive knowledge of all of the options, knows the potential challenges to any decision and can make your life easier by acting on your behalf and handling the details for you.

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

  • Peer Review Rated | LexisNexis | Martindale-Hubbell
  • Super lawyers | Rising Stars 2013
  • Super lawyers | Rising Stars 2014
  • Super lawyers | Rising Stars 2015
  • Super lawyers | Rising Stars 2016
  • AVVO