Bankruptcy and Foreclosure

Home foreclosure has been a hot topic in the news in recent years, as the housing bubble collapse was a large factor in the recent economic recession. Though the market is slowly recovering, many individuals are still faced with the prospect of foreclosure.

If your money problems extend beyond your mortgage payment, bankruptcy may be able to help you keep your home. If you or someone you love is facing foreclosure on top of other financial troubles, contact the Boca Raton bankruptcy lawyers of Eric N. Klein & Associates, P.A. at 561-353-2800 for more information.

Saving Your Home with Bankruptcy

When an individual declares Chapter 7 or Chapter 13 bankruptcy, they are often allowed to keep their homes as they are attempting to repay their debts.

Under Chapter 7 bankruptcy, an individual agrees to have his or her assets liquidated in order to pay off debts. In most cases, individuals who file Chapter 7 are allowed to keep their exempt property. In many cases, this includes one car, certain gifts, and a primary residence.

Under Chapter 13 bankruptcy, foreclosure proceedings stop. An individual is allowed to work out more reasonable payment plans with his or her creditors in order to become debt free – usually within three to five years.

Contact Us

Depending on your financial circumstances, declaring bankruptcy could help you keep your home. To learn more about your legal options, contact the Boca Raton bankruptcy attorneys of Eric N. Klein & Associates, P.A. today at 561-353-2800 for a free consultation.