Did you know that you do not have to lose your home when you file bankruptcy in Florida? If not, you are not alone. Jacksonville bankruptcy attorneys want you to know that the Florida constitution provides what is known as the “homestead exemption,” which means you can keep your primary residence and enjoy the benefits of bankruptcy.
So what are the benefits of bankruptcy? First and foremost, all of your “unsecured debt” (i.e. credit cards, medical bills, etc.) may be completely wiped out in a chapter 7 bankruptcy. When you file bankruptcy, you can tell those annoying debt collectors you are under the protection of the federal bankruptcy court, which means they have to stop all contact with you. Once you receive your discharge, your credit may actually improve since your debt load will decrease and because creditors know you will be unable to file bankruptcy again for quite some time. Many people actually begin to receive credit card applications shortly after their final bankruptcy discharge.
The benefits of bankruptcy are not limited to discharging unsecured debt. Many people who are behind on their mortgage file what is known as a chapter 13 bankruptcy. In addition to stopping the foreclosure action as soon as the bankruptcy is filed, chapter 13 bankruptcy allows homeowners to enter into a monthly payment plan. Through this plan, homeowners continue making their regular mortgage payments while making supplemental payments to gradually pay off the past due balance on their mortgage.
Do you feel hopelessly swamped in debt? When your phone rings do you hesitate to answer because a debt collector might be on the other end? Are you facing the devastating prospect of losing your home in foreclosure? Financial problems can affect every aspect of your life, stealing your happiness and subjecting you to untold stress. Contact an experienced Jacksonville bankruptcy attorney who can discuss how bankruptcy might be the light at the end of the tunnel. Visit us website for more information, or call the experienced bankruptcy attorneys at Cleaveland & Cleaveland .
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