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| Knowing Bankruptcy |
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Contact us |
Phone: 954-722-1300
Toll Free: 800-881-1300
Fax: 954-722-8125 |
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| Bankruptcy Services |
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In a bankruptcy you can surrender or keep some of the properties, or any combination thereof. In a bankruptcy, if the property is the homestead, the first mortgage cannot be modified without permission of the lender. If the second mortgage or any other mortgages are under water (the value of the house is less than the amount of the first mortgage and any outstanding property taxes), you can then cram down the second or third mortgages.
A Chapter 13 Bankruptcy allows you up to five years to catch up the arrears (the payments not paid plus costs and attorney's fees). The positive of a bankruptcy is that it wipes the slate clean. It is also easier to rebuild credit with a bankruptcy because you do not owe any money and cannot file another bankruptcy for a period of time. You will not get a 1099 if you file before the completion of the foreclosure. |
| A Chapter 7 bankruptcy can wipe away your unsecured debt, with certain exceptions, and provide you with a new beginning.
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| The Law Offices of Manny Singh handles both Chapter 7 and Chapter 13 Bankruptcies. A Chapter 7 is a liquidation plan and a Chapter 13 is a repayment plan. |
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