bankruptcy: What is bankruptcy in Florida? - 06/22/08 08:37 AM
Bankruptcy is a legal process which allows a person (a "debtor") who owes more money than he or she can currently pay to either: (1) reorganize the debtor's budget to repay a portion of their debts over time; or (2) to liquidate and have┬ámost debts forgiven ("discharged"). After a debtor has filed a case (a "petition"), creditors must stop all collection efforts against the debtor for a period of time, unless they get permission from the bankruptcy court to continue. This protection from collection efforts is referred to as the "automatic stay." A husband and wife may file a joint petition … (0 comments)

bankruptcy: Will Chapter 13 Bankruptcy Stop Foreclosure in Florida? - 05/20/08 03:15 PM
A Chapter 13 can stop the foreclosure permanently. It may allow a delinquent borrower to pay back the delinquency and reinstate the mortgage, over a period of time, usually five years. A borrower must make a regular payment and part payment each month until the delinquency is caught up or cured. It is similar to a repayment plan or forbearance agreement, but Chapter 13 permits more time to pay back the delinquency. In a chapter 7, you will have to pay back the arrearages much quicker than 5 years, or the foreclosure will continue.
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