Credit Cards -- Foreclosure-- Medical Bills
Florida has one of the highest Foreclosure rates in the country, but I can help!
Tye Van Buren is an established lawyer, practicing in Central Florida for 15 years. He is a graduate of the University of Florida Law School and Wake Forest University, and was formerly a partner in Pugh & Van Buren, P.A. an AV rated law firm by Martindale- Hubble.
Filing Chapter 7 or 13 Bankruptcy is an option for a new financial life, plain and simple. Depending on your individual circumstances, thousands of Central Floridians file for Bankruptcy relief every year. The ecomomic downturn beginning in late 2007 and the bursting of the housing bubble, have created a PERFECT STORM of financial hardship for many people. Losing a job, then living on credit cards is a recipe for long-term financial slavery. Try calculating how long it would take to pay off your credit card debt using the minimum payments. Many people find it would take essentially their entire working lives, especially at interest rates that used to be called loan shark rates.
FORECLOSURE HELP
It is possible to strip away (eliminate)a Second Mortgage in a Ch 13 bankruptcy. Yes, To strip away a second mortage, the value of the property must be equal to, or below, the balance due on the first mortgage. In such a situation, the second mortgage is considered "wholly unsecured", because there is NO EQUITY in the home that is providing security for the second mortgage. If you're behind in your first mortgage, filing Chapter 13 also allows arrearages to be made up over the life of the plan. YOU CAN SAVE YOUR HOME! Call Tye Van Buren -- (407) 234-4958-, or email and let's talk about your options.
CHAPTER 7 and 13 ARE CONCEPTUALLY DIFFERENT
Chapter 7 is the nuclear bomb of bankrupty. It simply blows away most unsecured debt. There are exceptions, such as for child support or alimony, student loans, and money judgments based on "bad" behavior--like drunk driving. But most of my clients come to me after a life crisis--divorce or medical emergency or losing their job. The life crisis forces them to live on their credit cards. Most are good people that have experienced a very rough time. They come to me determined to regain control over their lives and get back on their feet. In the last year, the number one reason a client walks through my door is because of a pending foreclosure. A Chapter 7 filing stops the foreclosure in it tracks through an automatic "stay" provided in the law. The foreclosing lender must then apply to the court for a "relief" from the stay which is typically granted unless there are unusual aspects to the case. But a Chapter 7 eliminates attorney's fees, costs, and any deficiency judgment that could have come out of the foreclosure case. The Client has the option to just surrender the property and walk away.
Chapter 13 is a pay-back scheme. Once a plan is devised by the debtor and confirmed by the court, the debtor pays what he/she can afford to the Trustee who then distributes to the creditors according to the plan. Creditors are not equal--some get paid 100%, others far less depending on the plan and your disposable income after deducting your reasonable expenses. At the end of the plan period (3 to 5 years), all remaining unsecured debts are discharged, with some exceptions.
I am a debt relief agency. I help people file for bankruptcy under the U.S. Bankruptcy Code.
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