All bankruptcy attorneys are not created equal. Schedule A Free Case Evaluation
Nowack & Olson, PLLC
Let’s do this together.
Speak with one of our professionals.
888-813-4737

What chapter should I file under if I am facing foreclosure?

If you determine that bankruptcy is the best path for you to save your home. The next step is to figure out which Chapter makes the most sense for your needs. Every homeowner's circumstances are so unique. It really is a conversation that needs to be had with a qualified Florida bankruptcy attorney.

As with most financial decisions, the bankruptcy path you choose is mainly dependent on your situation. As we mentioned earlier in this series, most homeowners find Chapter 13 to be a better option because it allows you to repay your mortgage arrearages as part of your court-approved repayment plan. In addition, Chapter 13 gives you the opportunity to eliminate second and third mortgages, which Chapter 7 does not. (We will discuss lien stripping in more detail in the next post.)

The Chapter 7 Income Threshold And The Challenges It Can Present

Attempting to save a home via Chapter 7 can present issues of its own. Qualifying for Chapter 7 bankruptcy requires that you pass a means test. You will need to meet a certain income threshold before you will be allowed to file under Chapter 7. Homeowners who make enough money to afford a mortgage often exceed that income threshold.

Your best bet is to talk to a lawyer who can review your financial situation and advise you on your bankruptcy options. Most bankruptcy firms offer a free initial consultation where you can get your questions answered so you can make an informed decision. If you are facing foreclosure, time is of the essence. Do not wait to seek a lawyer's advice if you have already been notified of the bank's intent to foreclose.

No Comments

Leave a comment
Comment Information

We take your situation as seriously as you do.

Start with a Free Case Evaluation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

What Our Clients Say:

Back
  • "Maria please let Attorney Olson know how pleased I am with the results of my home loan modification with Bank of America. I am so grateful for all of their hard work, especially since my house was a gift from my parents, I prayed not to lose it to foreclosure....."

    Cassandra M.
  • "We received last Friday our bankruptcy discharged letter for the trustee.
    We want to thank you very much for your services in our bankruptcy file.
    We are very pleased and happy with your service, you are so professional, courteous, organized and fast.

    We will recommend you every time we can.
    God Bless You!"

    Yazmin & Ricardo D.
  • "MY EXPERIENCE WITH MITCH AND CHRIS AND U WERE JUST A GREAT EXPERIENCE I WANTED TO GIVE UP PRIOR TO U GUYS.. DON'T WANT TO FORGET ABOUT LEO, HE'S ALSO GREAT PERSON..COMMUNICATE REALLY GREAT WITH ME,,ACTUALLY ALL OF U ....I CAN EMAIL OR CALL .U ALL ALWAYS REPLY TO ME....."

    Tonya C.
  • "I was very pleased with work of Nowack & Olson, and way you guide me through all process of bankruptcy and loan modification. I received good care and was informed on every step of it. Thank You very much. You save my life!"

    Kasia D.
  • "Just wanted to thank you again for helping my wife and family through a tough time. We are finally starting to get back on our feet and building back our nest egg. We have stabilized our income again, and see the light at the end of the tunnel. I remember one of your tag lines was helping good people through bad times... That always rang true with us....."

    Peter R.
  • "After a rather distasteful experience with a Foreclosure Attorney I was apprehensive to say the least to hire an Attorney to handle our Bankruptcy. After some internet searches and research I found Christian Olsen, and after our initial consultation my wife and I retained his services....."

    Bobby and Tanya
  • "I am a teacher who reaped the rewards of a profitable side business until shortly after the recession. I struggled to keep my business afloat until I finally threw in the towel. Between personal and business debt, I was suffocating in bills....."

    Richard C.
Read More Testimonials

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.