Filing Personal Bankruptcy Help

According to a recent story in the Orlando Sentinel, Orlando home values continue to decline. As an Orlando bankruptcy lawyer, I have witnessed this first hand. Now, I know you didn’t need the Sentinel to tell you that, but I digress.

Unfortunately, the same can be said for real estate in almost all areas of Florida. It seems everyone is underwater on their homes. In the past few years, many of my Orlando bankruptcy clients have benefited from the ability, in a Chapter 13 case, for their Orlando bankruptcy lawyer to file a motion in their case which allows them to completely wipe out the balance owed on a 2nd mortgage.

To benefit from this relief option, an appraisal must be done on the home, showing that the home’s value is below the balance owed on the 1st mortgage. A respected Illinois and Wisconsin bankruptcy lawyer, David Leibowitz, blogged recently about options available to those stripping a 2nd mortgage .

Since the decline in the economy, there has been some question over whether a person filing bankruptcy under Chapter 7 could qualify to strip a 2nd mortgage. Recently, this question came before an Orlando bankruptcy Judge and she issued an opinion stating that lien stripping is only available under Chapter 13 bankruptcy. Just filing bankruptcy under Chapter 13 is not enough, you must also complete your Chapter 13 plan by making all payments due under the plan and have your Discharge Order entered by the Judge prior to the mortgage being eliminated.

With any luck, the Orlando housing market will rebound in the near future. At which time, once my Orlando Chapter 13 bankruptcy clients have finished making their payments under the plan, they will successfully strip away their 2nd mortgages and once again have equity in their homes.

By filing bankruptcy under Chapter 13, my clients can attain this goal, along with many others, including saving on their car loans and wiping out credit card debt. With the help of an experienced bankruptcy attorney, debt relief is possible.

If you are considering filing for bankruptcy, make sure you hire an experienced bankruptcy lawyer to work for you. Do you have more questions about filing for bankruptcy before you take the plunge? Check out K. Hunter Goff’s FREE eCourse.

Related posts:

1. What Is The Plan In A Chapter 13 Bankruptcy?
2. Considering Filing Bankruptcy? Here Are 5 Do’s And Don’ts To Consider
3. Filing For Chapter 7 Bankruptcy
4. How Much Do I Have To Owe To File For Bankruptcy?
5. Should I Consider Chapter 13 Or Chapter 7 Bankruptcy?
6. Filing San Bernardino Bankruptcy Case: How Chapter 7 Filing Can Benefit You
7. What Is The Role of Bankruptcy Attorneys in Chapter 7 and Chapter 13 Filing?
8. Things To Think About When Filing For Chapter 7 Bankruptcy
9. A Riverside Bankruptcy Attorney Is Your Most Important Avenue To Get Help For Filing Chapter 13
10. Chapter 7 Bankruptcy Law