In Chapter 13 bankruptcy, a debtor does not have to sell their property to eliminate their debts. Instead, they need to repay most of their debts over three to five years, and then some of the remaining debts will be discharged. The debtor will have to make these...
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Chapter 13 Bankruptcy
Medical Debt and Chapter 13 Bankruptcy
Studies show that medical debt is the leading cause of bankruptcy in our country, as evidenced by the trending search phrase “problems paying my medical bills.” For the millions of Americans struggling with this burden, filing for bankruptcy with a local attorney can...
Repairing Credit After Bankruptcy: How to Fix a Bad Credit Score
Many people who face mounting debt have to resort to filing for bankruptcy because there are no other options. And although bankruptcy can serve as a reset button and a fresh start, there can be significant effects on your credit. In fact, a credit score typically...
New Orlando Chapter 13 Bankruptcy Program to Help Student Debt
The Orlando Chapter 13 bankruptcy court has established a new program for helping those who are drowning in student loan debt. Student loans represent a special debt problem, because once you take out a student loan, very few things can be done to keep you from...
Orlando Chapter 13 Bankruptcy Plans: What Is My Monthly Payment?
When I discuss an Orlando Chapter 13 bankruptcy plan with new clients, the first question that they ask is: “How much is my monthly payment?” The answer depends on why they are filing Chapter 13 bankruptcy in the first place. Each Chapter 13 payment plan is specific...
Chapter 13 and 2nd Mortgage Lien
A Chapter 13 and second mortgage lien can be a great combintation. If the balance of the first mortgage is higher than the fair market value of the home, the homeowner can “strip” the second mortgage lien. This means that after the homeowner successfully completes a...
Orlando Investor Denied Cram Down in Chapter 13 Bankruptcy
Orlando bankruptcy attorneys have been helping owners of investment real estate to “cram down” mortgage balances in a chapter 13 bankruptcy. However, a recent decision in a chapter 13 bankruptcy case shows that there are limits to when a cram down on investment real...
A good day in chapter 13 bankruptcy court – stripping a lien, saving a home
Today was a good day for my client, who has been in chapter 13 bankruptcy since January of this year: her chapter 13 plan was approved by the bankruptcy court. When she first came to my office to speak with a bankruptcy attorney , she didn’t know she needed a chapter...
Mortgage modification in Orlando’s Chapter 13 Bankruptcy Court
Mortgage modification was first introduced by the Obama administration as a solution to mortgage crisis in 2008. Since that time, the program has been criticized as a failure, due probably in part to the fact that banks are not required by law to actually grant a...
My beautiful balloon (mortgage)!
Balloon mortgages are not a common form of financing for a primary residence. However, during the hot real estate market in Orlando, such financing arrangements were more frequently made. For those homeowners in Orlando who may have financed the acquisition of their...