Bankruptcy & Foreclosure
This page is educational only. Bankruptcy is a legal process with long-term consequences, and only a licensed bankruptcy attorney can tell you whether it fits your situation.
The automatic stay
Filing bankruptcy generally creates an "automatic stay" that temporarily pauses most collection actions, including a foreclosure sale. The lender can ask the court to lift it.
Chapter 13
Chapter 13 sets up a court-supervised plan, usually three to five years, that can let homeowners with regular income catch up on missed mortgage payments over time.
Chapter 7
Chapter 7 can wipe out many unsecured debts, but it generally doesn't let you catch up on a mortgage. It may delay a foreclosure rather than prevent it.
Next step
If you are considering bankruptcy, speak with a licensed Florida bankruptcy attorney. The Florida Bar offers a lawyer referral service.
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