Palatka, FL Bankruptcy Law Firms & Lawyers

Under the right circumstances, you can use a bankruptcy to save your home. Just by filing, you get the benefit of the 'Automatic Stay,' which means creditors are not allowed to take any action to collect from you or your property but with proper legal grounds, a creditor can win Relief from the Automatic Stay that is, permission to go ahead and foreclose. In Chapter 13 bankruptcy, if you have enough income to resume payments on the mortgage promptly, and pay off the arrears (including penalties and attorney's fees through the date of your filing the bankruptcy), you may very well be able to hold off the mortgage-holder and have 60 months of regular payments on the arrears. It can work under the right circumstances: I have done it for probably 20 clients this year alone. But the circumstances have to be favourable. Please call our office if you'd like more information. Good luck.

Under no circumstances should you withdraw funds from your 401k before filing a bankruptcy petition. Contributions to and assets of a 401k plan, provided it is an ERISA compliant plan, are fully exempt under both federal bankruptcy and California judgment enforcement law. If you withdraw the funds you effectively convert them to non-exempt assets that can be attached and lost in a subsequently filed bankruptcy. If you cannot afford to pay your Chapter 7 lawyer you probably should reconsider filing because you are likely judgment-proof and should not waste the time, money and aggravation, let alone the damage to your credit profile that comes with a bankruptcy. If you feel determined to file, however, withdraw no more than is absolutely necessary to pay your lawyer and leave the rest alone.

If you got a reverse mortgage, your debt issues with the credit cards should have been resolved. If they are not, you need to speak to an attorney in your area. Most give free consultations, this question can only be answered after a thorough consultation.