Economic hardships unfortunately do occur and they can happen to anyone regardless of past success in life. For those dealing with financial challenges, it’s important to understand how bankruptcy will affect your life. You probably are wondering if bankruptcy will stop a foreclosure in Florida. Our legal team can help discuss bankruptcy with you, and decide whether or not you’re a viable candidate for it. Your case would be reviewed individually to determine what the best strategy is for your situation, and which plan you would benefit from the most.
Automatic Stays
When you file for bankruptcy in Florida, the court will issue an automatic stay. This informs creditors that you’re filing for bankruptcy and requires them to stop collections. Your creditors no longer can contact you or take any action against you when you have a bankruptcy pending. This usually lasts for three to four months and applies to any debt you owe. This should give you enough time to get current on your mortgage. If you cannot, you need to file a Chapter 13 bankruptcy. This type of bankruptcy allows any past due balances to be added to future payments.
Creditors can file a motion to lift the automatic stay. If this is successful then they can resume collection. This could take them several months to get filed and approved.
Get Legal Support to Stop Your Home From Being Foreclosed On
When you’re behind on your mortgage and want to stop a foreclosure in Florida, Mancuso Law, P.A. can help. We serve the Boca Raton, FL area. To learn more about what we can provide you and to schedule a consultation with our professional bankruptcy attorney, call 561-245-4705 today.