This page was written, edited, reviewed & approved by Emil J. Fleysher following our comprehensive editorial guidelines. Emil J. Fleysher, the Founding Partner, has 15+ years of legal experience as a bankruptcy attorney. Our last modified date shows when this page was last reviewed.
Saving your home from foreclosure through bankruptcy starts with quick legal action. When you miss several payments, lenders start foreclosure proceedings. Filing for bankruptcy stops this process right away. The law gives you tools to keep your home.
The Bankruptcy Code has rules that can delay foreclosure sales. You have time to address your debt problems and create a plan for your home. These rules often make the difference between keeping and losing your house.
At Fleysher Law Bankruptcy and Debt Attorneys, we help Florida homeowners facing foreclosure every day. We know both Chapter 7 and Chapter 13 bankruptcy cases well. Our goal is to help you avoid foreclosure while resolving your money problems.
When you file for bankruptcy, bankruptcy court rules protect your home right away. This shield prevents mortgage lenders from seizing your property or attempting to collect debts. The bankruptcy judge enforces these protections under bankruptcy law to help you manage missed payments and creditor demands.
Key protections that help you avoid foreclosure include:
This legal help gives you time to work with experts on your money problems. Instead of losing your home at a foreclosure sale, you get a chance to fix things. Many homeowners find that bankruptcy is their best choice to avoid foreclosure when facing financial hardship.
Chapter 13 bankruptcy works as a "wage earner's plan" to help you keep your home. This plan works best when you have enough monthly payments to support a repayment plan. You can catch up on your mortgage by filing for Chapter 13 bankruptcy.
Through Chapter 13, you get these benefits:
For homes worth less than what you owe, Chapter 13 can help with junior mortgages. If your home’s value is less than the balance on your first mortgage, junior mortgages may be reclassified as unsecured debt. This lowers your mortgage debt and monthly payments.
At Fleysher Law, we have helped many Florida homeowners achieve successful Chapter 13 plans. We are familiar with Florida's home protection laws. Our goal is to help you stay in your home while making all the required payments.
The moment your bankruptcy filing meets the minimum requirements, the court automatically issues an "automatic stay." This immediate court order stops all collection activities, including foreclosure proceedings. No separate hearing is needed for this protection to take effect.
The benefits of the automatic stay include:
This protection typically remains throughout your bankruptcy case. Chapter 7 cases usually last 3-4 months, while Chapter 13 continues for 3-5 years. This crucial time allows you to either negotiate with your mortgage lender or complete your bankruptcy plan while staying in your home.
When you file for bankruptcy, it matters a lot if you want to save your home. Filing at the wrong time limits your ability to protect your home. Good timing helps you delay or prevent foreclosure.
Key timing facts to know:
At Fleysher Law, we look at each client's case carefully. We review your foreclosure notice, your average gross income, and your financial goals. This helps us determine the best time for you to submit your application. Our goal is to help you prevent foreclosure through smart bankruptcy timing.
Chapter 7 bankruptcy differs from Chapter 13 in terms of home protection. It gives short-term help rather than long-term solutions. Chapter 7 helps when a homeowner falls behind but has lots of other debts.
How Chapter 7 helps homeowners:
Chapter 7 works best for people with income below their state's median income. It helps if you need quick debt relief more than a long payment plan. After reviewing your case, our attorneys determine whether Chapter 7 or Chapter 13 is the best option for preserving your house.
Bankruptcy clears away unsecured debt so you can focus on your home. This helps you direct your money to mortgage payments instead of other bills. When debt secured by your home is your main focus, keeping up becomes easier.
What bankruptcy can wipe out:
Eliminating these debts frees up money each month. For example, wiping out $10,000 in credit cards might save you $300 monthly. You can use this money for current mortgage payments or catching up on missed payments. Many people find that their mortgage becomes affordable after clearing other debts.
At Fleysher Law, we start with a meeting to look at your financial situation and foreclosure timeline. We talk about your income, living expenses, and home status. This helps us determine the most effective bankruptcy strategy to save your home.
The steps in the bankruptcy process:
We guide you through each step of this process, explaining what will happen and keeping you updated on your case. We understand that foreclosure can be a stressful experience, so we ensure you have a complete understanding of the bankruptcy process.
It's essential to understand the differences between Chapter 7 and Chapter 13 when attempting to save your home. Each type helps in different ways based on your financial situation. Your income, home equity, and foreclosure status all matter in picking the right one.
Feature | Chapter 7 | Chapter 13 |
|---|---|---|
Main purpose | Wipe out all the debt fast | Set up a payment plan |
How long it takes | 3-4 months | 3-5 years |
Income needs | Below the state median income | Enough for monthly payments |
Home equity protection | Limited | Better for home equity loans |
Foreclosure protection | Short-term only | Long-term protection |
Credit impact | Harder hit at first | Shows you pay your bills |
Works best for | Fast debt relief, little equity | Saving homes, catching up |
At Fleysher Law, we are well-versed in both types of bankruptcy. We look at things like your income, home equity loans, and foreclosure status to find your best option.
Bankruptcy helps you save your home and rebuild your finances at the same time. By clearing debt while keeping your house, you get a fresh start. The process includes strategies to improve your credit and manage your finances effectively.
Ways bankruptcy helps your long-term finances:
Your credit score will initially drop, but it can start improving within a year. Lenders often see bankruptcy followed by on-time payments as a good sign. This helps you rebuild credit faster than struggling with debt for years.
We help our clients create plans for their future after bankruptcy. These include budgeting, saving money tips, and steps to rebuild credit. We want to do more than stop foreclosure – we want to help you build a stable financial future.
When facing foreclosure, certain mistakes can limit how bankruptcy helps save your home. These errors often lead to bankruptcy cases being dismissed too soon. Knowing these problems helps make sure your filing works.
Mistakes to avoid:
These mistakes can cause serious problems. Your case might get thrown out, your protection could end early, or a judge might reject your payment plan. Any of these puts your home at risk again.
Working with good bankruptcy lawyers helps avoid these errors. We make sure your filing meets all rules. We are familiar with both bankruptcy and foreclosure laws, which can help protect your home more effectively.
Foreclosure moves fast, and every day counts. The sooner you get help, the more ways we can save your home. When a homeowner falls behind on several payments, quick action gives you more options.
Why do you need to contact us right away?
Fleysher Law offers free meetings to Florida homeowners facing foreclosure. We have helped many people with Chapter 7 and Chapter 13 bankruptcy cases. We can explain how bankruptcy can help in your specific case.
Call us today to set up your free meeting. We can assist with urgent foreclosure issues and often file bankruptcy cases promptly when time is of the essence.
Emil specializes in consumer bankruptcy, debt settlement, and mortgage modification, offering a holistic approach to solving mortgage and debt problems. Emil listens to clients, understands their circumstances and goals, and helps them make the right choices by presenting all options and contingencies.
He is dedicated to helping South Floridians regain their financial freedom from overwhelming debt caused by high interest credit cards, bad mortgage loans, and uninsured medical expenses.
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