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When you file for bankruptcy, your car, other forms of vehicles, recreational investments (such as boats, snowmobiles, campers, and a jet ski) are essentially treated similar as a home foreclosure. If you have been served a notice of repossession by your lender, there are things that you may be able to do to stop the repossession, delay the repossession, or even give you the time to attempt to refinance the item of value in a manner that would be affordable to you following a bankruptcy.

One of these actions available to many people seeking to save their home is to file for chapter 7 or chapter 13 personal bankruptcy.

How Chapter 7 Bankruptcy Can Save Your Home from a Foreclosure

When a personal chapter 7 bankruptcy claim is filed, an automatic "stay" is issued to all creditors. This "stay" stops all debt collections actions, debt litigation, and yes, repossessions as well. While the "stay" is only temporary, pending the outcome of the bankruptcy claim, the bankruptcy can help you in a few ways:

How Chapter 13 Bankruptcy Can Save Your Home from a Foreclosure

Give you the ability to consolidate debts in an affordable manner, possibly giving you the ability to afford the current debt for the item that is being repossessed going forward. This can put an end to the repossession process entirely by:

While an automatic "stay" is issued to all creditors involved in the bankruptcy, the stay is only temporary, and following the bankruptcy, the creditor will still want their money if the debt has not been absolved in the bankruptcy, and may resume their debt recovery or repossession efforts.

If you do not have the money necessary to stop the repossession or have not made an agreement with the creditor that will stop the repossession process, the repossession will occur if the lender wants it to happen.

Even when this happens, you still have options and rights that must be protected.

We are extremely detailed in our preparation regarding bankruptcy and bankruptcy related legal issues, provide a comprehensive approach in seeking a successful bankruptcy, and guide you through this difficult process with the dignity and respect you deserve.

There may be many other Bankruptcy issues that may have to be addressed, depending upon your unique circumstances and how the bankruptcy laws apply to your current situation.

Contact an experienced Bankruptcy Attorney (lawyer) at the Budgen Law today to schedule a free and confidential legal consultation.

Call Us Now 407.481.2888

Orlando Bankruptcy Lawyer, providing experienced Bankruptcy and Repossessions Attorney legal Services in Orlando, Longwood, Maitland, Orange County, Seminole County and the surrounding Central Florida areas.

640 East State Road 434,
Suite 3000
Longwood, FL 32750
Phone: 407.481.2888
Fax: 407.313.1119

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