There are no mechanisms in bankruptcy that would force a mortgage company to modify the terms of their note. They have a contract, you signed on the line, you agreed to pay, they agreed to give you the money. There’s no mechanism in the bankruptcy code that forces a creditor to do that. However, what we found in this climate, in this economy, that mortgage companies are coming forward and they’re offering clients deals, whether it be a 7 or 13, to modify and to try to keep that debtor in that home.
Understanding Florida’s Bankruptcy Exemptions: Protecting Your Assets
Navigating the world of bankruptcy can be a daunting task, especially when you're concerned about protecting the assets you've worked so hard to acquire. Fortunately, Florida's bankruptcy laws include several exemptions that can help safeguard your property and...