Boca Raton Real Estate Bankruptcy Lawyer
When you purchased your home, you may have imagined that you would live in it for forever, but unfortunately, life does not always go as imagined. Job loss, illness, injury, and other unforeseen circumstances can result in outstanding debts and no way to pay them. When this happens, lenders may begin to pursue repayment in the form of your assets, which may include real estate property. At Nowack & Olson, PLLC, our Boca Raton real estate bankruptcy lawyers are prepared to negotiate with lenders on your behalf and even fight to protect your rights to your property. If you find yourself faced with bankruptcy but still want to save your home, contact our Boca Raton law firm today.
There Is a Way to Save Your Home and Protect Your Future
When most people think of bankruptcy, they think of an action that is final. To most people, bankruptcy means wiping out debt and, in return, giving up all real property. At Nowack & Olson, we know that there is a happy medium. Our Boca Raton lawyers have helped countless clients wipe away their debts and retain ownership rights of their homes and investment properties. We do this by providing effective counsel and ensuring that clients receive all exceptions to which they are entitled. Some house-saving options that we present to our clients include the following:
- Loan modifications;
- Foreclosure defense of personal and investment properties;
- Lien stripping;
- Strategic default;
- Homeowners’ association liens; and
- Short sales.
You may be tempted to work with a debt relief agency, but doing so could do more harm than good. Debt relief agencies are notorious for making false promises, and for leaving customers worse off than when they started. If you want to obtain real results, work with an experienced and licensed real estate bankruptcy lawyer who can help alleviate your financial burden and keep creditors at bay for good.
Chapter 7 vs. Chapter 13
When it comes to bankruptcy, you generally have two different options to pursue: Chapter 7 or Chapter 13. Each comes with its benefits and pitfalls, as well as its own specific requirements. A Boca Raton bankruptcy lawyer can help you determine which type of bankruptcy is right for you, but in the meantime, consider the following:
- Chapter 7is also referred to as a liquidation bankruptcy, meaning that homeowners’ assets are sold and the proceeds used to pay off the outstanding debt. Homeowners who file for Chapter 7 are entitled to certain exemptions, most of which protect needed items such as vehicles, clothing, furniture, and tools of one’s trade. However, these exemptions, which are also referred to as homestead exemptions, do not cover investment property.
- Chapter 13 is referred to as a reorganization bankruptcy, meaning that all debts are reorganized in such a way that homeowners can afford the monthly payments on their debts. Under this type of bankruptcy, homeowners do not have to give up property, including investment property. However, property owners must repay creditors the value of the unexempt property, otherwise they risk forfeiting rights to said property.
Contact Our Boca Raton Real Estate Bankruptcy Lawyers to Schedule a Free Consultation Today
Nobody plans for bankruptcy, which makes it all the more overwhelming when it does happen. If you find yourself faced with bankruptcy, you are not without options. Our Boca Raton real estate bankruptcy attorneys at Nowack & Olson, PLLC, can help you review your finances, assess your options, and determine the best course of action. To get on the road to financial freedom, contact our office today to schedule your free consultation.