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Bankruptcy Shouldn’t Make You Less Creditworthy

The Federal Housing Administration will allow a bankruptcy debtor to get a mortgage backed by FHA in as little as one year after bankruptcy – if certain minimal criteria are met.

The one year timeframe also applies to short sales and even foreclosures

This is yet another acknowledgment that the “stigma” of bankruptcy has been replaced by the “necessity” of bankruptcy.

Bankruptcy Court and Sequestration

Central Florida Bankruptcy Law Firm Helps Clients Understand Effects of Sequestration

It is an uncomfortable feeling to be uncertain about one’s future. For many Americans undergoing the process of filing for bankruptcy, uncertainty is very likely what they will be experiencing for some time to come. Sequestration, or the long-term cuts to different areas of the US Government, is most likely going to cause both court services and the resolution of civil and criminal cases to become delayed and backlogged, creating more stress in an already stressful situation.

Filing for Bankruptcy is No Longer a Stigma

For many years, people have felt that filing for bankruptcy is a last resort before total financial ruin, and as such, was a humiliating process, one to be kept secret or hide from friends and neighbors. But all that is changing. Bankruptcy is no longer something to look down upon, but is a viable, workable option for people who are having trouble making ends meet and paying their debts.

Chapter 13 is the best way to save your home

A recent study regarding saving your home and the different alternatives available including bankruptcy came to the conclusion that most bankruptcy attorneys in Orlando, FL already knew. Chapter 13 bankruptcy is probably the best way to save your home. At the very least the study showed when compared with homeowners who did not file, debtors who filed for bankruptcy were able to stay in their homes for, on average, almost 28 additional months, over two years.This figure includes those who ended up losing their homes.

Should I Keep My House or Let it Go in the Bankruptcy?

When clients come in to my office to file bankruptcy in Orlando or my offices in Kissimmee or Clermont, often times they ask me whether it is in their best interest to save their home. Usually the home is several months behind in payments. And yes there is a particular kind of bankruptcy - a Chapter 13 which enables you to (1) catch up your payments in your home; (2) modify your first mortgage to 31% of your gross income, and (3) even eliminate the second mortgage on your home. Nevertheless, most people have an emotional attachment to their home and I understand it.

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Law Offices of Walter F. Benenati: Bankruptcy Attorney

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