Determining a Realistic Payment Plan and Eliminating Debt
Individuals filing for a Chapter 13 bankruptcy are oftentimes business owners or people with an income that is relatively high, given the size of their family. They may have two mortgages on their home and are struggling with serious credit card or other debt. Real estate investments may not have appreciated as expected. In the current economic crisis, they owe more money on the first mortgage encumbering their principal residence than what the property is worth. Miami Chapter 13 bankruptcy attorney Juan F. Alban, P.A., has experience determining a workable payment plan for clients and helping them eliminate debt. Contact our office today for more information about how we can help you.
Your first meeting is always with an attorney, and not an assistant. We evaluate each case and each client with care.
Stripping the Second Mortgage
In the event that a homeowner has two or more mortgages on his or her principal residence, the bankruptcy code allows the owner to request from the court a modification of the terms of the second mortgage. An important step to make beforehand is to complete an appraisal of the home. Due to the recent drop in home values, most homeowners are not aware of their home's current value. After the home is appraised, and if the current appraised value is less than the amount owed on the first mortgage, a bankruptcy lawyer can "strip" the second mortgage and the amount owed on the second mortgage will be treated as unsecured debt. Depending on the household's income and family size, the homeowner may not have to pay anything towards the second mortgage.
Contact a Miami, Florida Debt Reorganization Lawyer Today
If you are seeking legal representation or would like more information about bankruptcy or our services, contact our office today for a free consultation. You can reach us at 305-477-3000 or by contacting us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
