Category Archives: Chapter 13 Bankruptcy

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Chapter 13 Bankruptcy

What happens if I miss a Chapter 13 plan payment?

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…

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 be a tool…

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…

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…

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 to…

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 chapter 13 bankruptcy plan, the second…

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 estate will be granted.  Orlando bankruptcy attorneys have taken notice that chapter 13 bankruptcy requirements must…

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…

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…

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 residential home with a…

Orlando homeowners – Use Chapter 13 bankruptcy to lower the balance of your mortgage and keep your house

Orlando homeowners are struggling to hold on to their homes.  In this market, maintaining homeownership is a challenge, particularly for homeowners who took second mortgage loans that were doled out like candy by banks during the real estate bubble.   Many Orlando homeowners have already…

How Orlando real estate investors can get Assist in Chapter 13

Orlando real estate investors probably never thought they would be consulting with a bankruptcy attorney to preserve their investments. Who would have thought that chapter 13 of the bankruptcy code would help them hold on to their real estate investments?  Orlando real estate investors have been living through the nightmare of…

Mortgage Modification for Orlando Homeowners in Chapter 13

Yesterday I attended the annual seminar sponsored by Central Florida Bankruptcy Law Association. A panel of mediators discussed their experiences with the new mortgage modification program  in the Orlando division of the bankruptcy court. Their impression was that lenders are taking the program seriously and offering genuine modification arrangements that were useful…

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