Coral Springs Lawyer for Home Foreclosure Questions

South Florida Bankruptcy Attorney

Perhaps you are now seriously considering bankruptcy as a debt relief option. Perhaps you have heard from friends or family that you will lose all your property if you file bankruptcy. This is not necessarily true. Everyone's case is different, and it is never wise to make decisions about your own financial future based on someone else's choices.

At the law offices of Michelle Armstrong, P.A., we believe in giving our clients honest assessments of their circumstances and legal options. Led by a 15-year veteran debt relief attorney, we offer personalized advice and legal representation from an accomplished lawyer who handles each case herself.

We are committed to helping debtors who have fallen into financial trouble due to medical illnesses, job loss and other hardships. Michelle Armstrong is a skilled bankruptcy lawyer, she will review your situation and explain how bankruptcy can help you save your property and eliminate your debt.

Whether you have questions about home foreclosure, car repossession, or how to save property like investment real estate, we take the time to thoroughly analyze your circumstances and help you understand all the benefits and consequences of your different debt relief options.

Did you know you could lose more assets if you don't file bankruptcy than if you do? Contact the law offices of attorney Michelle Armstrong, P.A. for a free consultation. Call 954-282-6090

What Property Is Protected if You File Bankruptcy?

For many of our clients, Chapter 13 or Chapter 7 bankruptcy turns out to be the most effective way to escape unmanageable debt. As soon as you file a bankruptcy case, the law immediately protects you from creditors' attempts to seize your assets. This is known as an "automatic stay" and gives you some breathing room to decide how best to proceed.

In addition to the automatic stay, bankruptcy law protects some property permanently. In Florida bankruptcy cases, your homestead is protected property. This means that the bankruptcy court cannot order you to sell your primary residence in order to pay other debts. Your pension or 401(k) is also protected property. You will probably be able to keep your car.

Other types of property that are protected in a Chapter 7 or Chapter 13 bankruptcy include

Annuities
Wages of a head of household
Social Security payments
Disability benefits

Why File Bankruptcy if You Plan to Surrender Your Property Regardless?

If you decide to voluntarily surrender your home or car because you can't afford the payments, the lender could still file a lawsuit against you to collect any loan amount remaining after the lender sells the car or the house. For example, if you surrender your house and walk away from a $200,000 mortgage and the bank sells the house for $125,000, the bank could file a creditor's lawsuit against you to collect the $75,000 difference.

Filing for bankruptcy can protect you from deficiency claims.

Contact Us for More Information About Preventing Home Foreclosure

At the Coral Springs, Florida, law office of Michelle Armstrong, P.A., we work with the individual needs of our clients to find a plan for debt relief that best works for them and helps them keep as much property as possible.

For your convenience, we work with an associated bankruptcy attorney in Plantation.