Do you currently have unwanted real estate or bills you no longer can afford? Would you lke to remain in your home if you had a new lower mortgage payment? Do you have unpaid bills and mounting debt? If so the bankruptcy and foreclosure lawyers at the Law Offices of Justin McMurray can help you with your foreclosure and bankruptcy questions. We offer you an opportunity to be freed of your debt and start fresh.
Filing Bankruptcy in Daytona will eliminate the debt you currently have and allow you to start over without worrying about paying those bills anymore. A short sale will allow you to sell your home for less than you owe allowing you to get rid of underwater realestate. If you would like to stay in your home a loan modificaiton may be an option to get new lower payments you can afford.
A bankruptcy will allow you to wipe out past, current, and future debt obligations with your lenders. There are two forms of bankruptcy that allow you to do this in slightly different ways.
Chapter 7 Bankruptcy settles the debt with your lenders by selling some of your major assets, like a house, car, or boat, and using that money to pay off some or all of the balance that you owe to those lenders. Any amount of debt that cannot be paid back after selling all of your eligible assets will be dismissed.
Chapter 13 Bankruptcy uses a restructured payment plan to make up some or all of the delinquent payments over the course of three to five years and eliminate the remaining balance of the debts following the conclusion of the payment plan. This is sometimes referred to as the “wage earners” bankruptcy because it requires you to take on an additional monthly payment in order to satisfy the bankruptcy plan. Filing for a chapter 7 or a chapter 13 bankruptcy in Daytona Beach must follow the state of Florida’s bankruptcy laws, so working with a Daytona Beach bankruptcy lawyer who understands the state and local laws is a good idea.
How do you know if Bankruptcy is right for you?
If you have experienced any of these situations then a chapter 7 or a chapter 13 bankruptcy may be an option.
Phones calls from debt collectors.
Repossession of assets, garnishment of pay checks, or a lawsuit filed against you.
Home in foreclosure, have a second mortgage, own real estate you do not wish to keep.
You’ve lost personal assets, savings, or your home.
Now that you have determined whether bankruptcy is an option for you, it is important to know which chapter of bankruptcy you are eligible to file. Chapter 7 and chapter 13 have specific requirements in order to file, so meeting with a bankruptcy attorney in Daytona Beach will give you some insight into your situation and what your options are. You can also take the means test to determine whether you are eligible to file for chapter 7 or chapter 13 bankruptcy.
Filing Bankruptcy WILL Stop Calls from Debt Collectors
When your bankruptcy attorney files for bankruptcy for you, your creditors will receive notification that you have done so and are then required by law to stop all collection efforts. Any debt that you have listed on your bankruptcy filing will then stop calling or sending threatening letters.