Homeowners who are mostly seeking to modify their loans are dealing with the threat of foreclosure. The modification process is often a marathon, a test of wills. You can be tested in how long you can you be persistent in pursuing your modification? It requires many letters and calls to complete a loan modification successfully.
The downside of filing for Chapter 7 is that you may have to say goodbye to some of your possessions for you to pay back your debt, at least in theory. After all, it wouldn"t be fair to creditors if you go to eliminate your debt if you have a bunch of high-value items in your possession. The truth is, however, that most people filing for bankruptcy do not own very much. These are called non-assets cases.
Next is the experience. The longer bankruptcy lawyers in Jacksonville FL have been practicing in bankruptcy law, the more skillful he is to handle your case. If an attorney has already more than enough cases in his hands, don"t add yours. If bankruptcy lawyers in Jacksonville FL has too much workload, he would not be able to handle your case more efficiently and don"t forget the lawyer"s law firm. A law firm that maintains effectiveness, quality, and perseverance to bankruptcy law in its work is important.
You will receive a notice of acceleration more or less 30 days before receiving the 21-day letter. The letter accelerates the maturity of your promissory note so that the entire principal amount is due, not just your monthly payment. But before you file for bankruptcy, just know that it may not be necessary. You might be judgment-proof, meaning that if you were taken to court by one of your creditors, your life situation might tell the judge that you really can"t pay back your bills. For example, you have very, very little assets, low income, and a lawsuit just might do you financial harm. You may not even be worth a trial because you would have absolutely nothing to offer the creditors. So filing for bankruptcy would just be a waste of time.
Why do I share this information with you? It"s because it is VITAL to know and understand what is being reported, or NOT reported and why. You also cannot assume that the people you pay or request to take care of what they are supposed to, will do their jobs. Thousands of Americans are going to uncover the new reality of this complicated law, and they are going to undergo the court system of filing bankruptcy. A stealth bankruptcy is when you move leaving no address, changing your phone number and getting off the grid for an all-cash, no-credit basis. Many people already choose this path rather than deal with the invasion of privacy that comes with formal bankruptcy.
You should also remember that your loan co-signers won"t be discharged just because you filed bankruptcy. They may be forced to pay your debt even though your Chapter 7 bankruptcy was approved.