c27

Chapter choice may be the most important decision you can make to maximize your debt relief, and take advantage of everything bankruptcy protection has to offer – especially if you are filing in the Orlando Division.

I recently took over a small bankruptcy practice in Orlando from another attorney who practices out of state. It primarily helps Spanish speaking clients.

Almost all of the bankruptcies filed by that office, before I took over, were for chapter 7.

Get rid of the debt quick, get a discharge, and get on with your life.

But here is the problem… Almost all of those clients were behind on their mortgage and wanted and still want to keep their home. This office continually gets calls from previous clients, who already have their chapter 7 discharge, who have a sale date pending on their home and want to file chapter 13 now to save their home.

Not all of them would have been able to keep their home even if they filed the right chapter from the start.

But a vast majority of them may have been placed in the wrong chapter of bankruptcy. If those homeowners wanted to at attempt to keep their home, they should have been in chapter 13.

Chapter 13 has some very powerful tools for homeowners who want to keep their home.

  1. Chapter 13 allows you the ability to catch up missed payments and get current during the length of the chapter 13 plan.
  2. If homeowners have a second mortgage, it likely can be stripped and wiped away upon a chapter 13 discharge.
  3. Most important, the Orlando bankruptcy court has a fantastic mortgage mediation program which may help you obtain that elusive mortgage modification.

Why choose chapter 7 first if you are trying to stay in your home? There really isn’t a good reason.

If you qualify for chapter 7 now, take advantage of the chapter 13 tool chest.  If chapter 13 doesn’t work out, then you should still be able to convert your chapter.

Chapter conversion! You don’t have to stay in chapter 13 if you don’t want to stay. If you decide chapter 13 is not working for you, and you qualify for chapter 7, then you can convert.

I have done it for countless clients, so it can be done for you too.

Don’t make the mistake of locking yourself into a quick chapter 7, only to discover you wished you had given a bit more effort in trying to keep your home.

Call 407-749-0080 for a free initial consultation.

For other variations on the letter C…

C is for Cars

C is for Chapter 7

C is for Chapter of Relief

C is for Compassion and Competence

C is for Conversion

C is for Cosigner

C is for Counseling

C is for Cramdown (Perspective 1)

C is for Cramdown (Perspective 2)

C is for Cramdown (Perspective 3)

C is for Credit Card Tips

C is for Credit Counseling (Perspective 1)

C is for Credit Counseling (Perspective 2)

C is for Credit Counseling (Perspective 3)

C is for Creditor (Perspective 1)

C is for Creditor (Perspective 2)

C is for Creditors Meeting

Creative Commons License photo credit: TooFarNorth