Your Home And Bankruptcy

"What will happen to my home after bankruptcy?" "Will the creditors that are threatening to foreclose on my home be able to take it?" "Can bankruptcy really stop foreclosure?"

These are questions I hear every day from people worried about losing their homes because of financial challenges. I know how scary it can be to face home foreclosure or sale — as a bankruptcy lawyer, I have spent more than 25 years helping people throughout Florida who faced situations very similar to yours. Let's take action now to save your home.

Before I started Pennington Law Firm, PA, I was a staff attorney for the Chapter 13 Bankruptcy Trustee in Orlando for nearly a decade. In that role, I helped people save their homes through mortgage modification and bankruptcy. Today, I use the skills and knowledge I learned to help my own clients stay in their homes.

Your Options To Save Your Home

If you cannot meet your mortgage payments, there are a few different options for relieving your debt and keeping your home, including:

  • Bankruptcy: Bankruptcy stops all home foreclosure actions through what is called the "automatic stay." This means that, while you are in bankruptcy proceedings, a creditor cannot foreclose on your home. But what about after bankruptcy? In Florida, most homes are exempt from bankruptcy proceedings (learn more about property exemptions here). Through Chapter 13 bankruptcy, you can create a plan to pay past mortgage payments and stay current on your home loan.
  • Mortgage modification: I have helped hundreds of clients work with their mortgage companies to modify their mortgage payments. For some, this has meant reducing their payment now. For others, it has meant entirely removing past due payments.
  • Lien stripping: If you have multiple mortgages on your home, you may be able to remove a second or third mortgage through a process called "lien stripping" in Chapter 13 and Chapter 7 bankruptcy.

Getting You Through This Storm

Helping people stay in their homes is a large part of my bankruptcy practice. If you are facing the storm of your life, I want to help guide you through it and toward a better tomorrow. For a free consultation at my Orlando or Tavares law office, please call 407-278-7776 or 352-508-8277. I offer weekend and evening appointments upon request.

Pennington Law Firm, PA, is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.