Bartolone Law Firm

Important Questions to Ask Your Bankruptcy Attorney

You’ve made the decision to seek the advice of a bankruptcy attorney to help you get your debt under control. But bankruptcy is a very confusing process that many people don’t have exposure to beforehand. To make things easier, consider asking your bankruptcy attorney to clarify some different points about bankruptcy and the filing process. Here are three important questions to ask your bankruptcy attorney.

1. What will filing for bankruptcy be like for me?
   Although millions of Americans are filing for bankruptcy every year, each case is a little different. Your bankruptcy case will have unique characteristics that may not be present in other cases that your attorney is handling. Your attorney will give you an idea of what filing for bankruptcy will be like in your specific situation.
    
2. What type of bankruptcy should I file for?
   There are two main kinds of consumer bankruptcy. Chapter 7 bankruptcy discharges specific types of debts. These may include credit card debts, personal loans, medical debts, and some lawsuit debts. Chapter 13 bankruptcy restructures your finances so that you can more easily make payments on certain debts. In some cases, parts of your Chapter 13 debt can be discharged as well.
    
3. How do I deal with my creditors?
   Once you’ve hired an attorney, it is illegal for your creditors to contact you directly. Talk to your attorney about what to do if creditors call you or write to you at home and how to notify your creditors that you are filing for bankruptcy.

For expert legal advice on filing for bankruptcy in Orlando, contact the Bartolone Law Firm. Our highly skilled attorneys specialize in consumer bankruptcy and foreclosure cases just like yours. For a free consultation, call us at (407) 730-3230.

Understanding Which Debts Are and Are Not Covered by Bankruptcy

Bankruptcy is often the only solution to serious amounts of consumer debt. In many cases, filing for chapter 7 or chapter 13 bankruptcy can help to make debts more manageable, or even discharge them completely. However, certain debts are not typically included in your discharge or payment plan. Here are four kinds of debt that you will be responsible for even after filing for bankruptcy.

1. Student Loan Debt
   Debt accumulated to finance education is typically not discharged during bankruptcy. In rare situations, you may be eligible for loan forgiveness, or private student loans will be eliminated. This does not include other types of consumer debt that you accumulated while being a student, including credit card debt or personal loans.

1. Alimony and Child Support
   Back payments for child support and alimony are also not eligible for discharge or reduced repayment. Your bankruptcy attorney may help you find a way to better manage these payments, but they are not included in your bankruptcy petition.
    
2. Debts Incurred Through Fraud
   If you accrued debt through fraudulent or criminal activity, you are still responsible for that debt after bankruptcy. For example, money owed to your bank for cashing bad checks would not be included in your bankruptcy repayment plan and may not be discharged.
    
3. Back Taxes
   If you owe federal, state, or local taxes, you may still be responsible for these debts after bankruptcy. In very rare cases, your taxes could be discharged, but this is extremely exceptional and unlikely to happen in your case.

To learn more about what debts will or will not be covered by filing for bankruptcy, contact the Bartolone Law Firm. We serve the Orlando area with the very best legal advice and representation for bankruptcy and foreclosure cases. Call (407) 730-3230 for a free consultation today.

An Education on Bankruptcy and Foreclosure

Bankruptcy and foreclosure are important topics to educate yourself about. If you’ve enjoyed our blog entries, you may also like the additional information at these other websites.

• Only certain property can be discharged in bankruptcy, as The U.S. Courts’ website explains.
   
• MSN provides eleven tips for navigating loan modification.
   
• There is a lot of misinformation about foreclosure and loan modifications, but this website will set you straight.
   
• Bankruptcy can discharge your debt, but not the record of it. Check out more information about what to expect after bankruptcy.
   
• What is the bankruptcy process like? Can you choose what debts to discharge? Find answers to all your bankruptcy questions here.

If you’re considering bankruptcy or foreclosure, the Bartolone Law Firm in Orlando can help you choose the best course of action for your situation. Call us at (407) 730-3230 to set up a consultation.

The Relationship Between Foreclosure and Loan Modification

In the past few years, many Americans have faced foreclosure. If you’re one of them, your situation may seem insurmountable. Fortunately, you do have options. Before your home goes into foreclosure, ask your mortgage holder about a loan modification agreement.

Foreclosure

Foreclosure is a fairly lengthy process that begins when a homeowner misses his first mortgage payment. If he misses a second and a third payment, the bank will begin the process of foreclosure. In some states, this requires court action. The bank then evicts the homeowner, repossesses the house, and attempts to sell it. In today’s housing market, it could take months or years to sell the home, which translates to a prolonged time with no payments being made on the house and increased legal fees for the bank. In short, foreclosure is expensive and time-consuming.

Loan Modification

Loan modification, on the other hand, seeks to stop foreclosure in the early stages. After the homeowner’s first missed payment, he should contact the mortgage holder and explain why he can’t make the payment. Unemployment, medical bills, and expensive repairs are common causes of missed payments. The bank will often work with the homeowner to create a loan modification agreement. These agreements’ basic purpose is simple: to lower the mortgage payment to a level that is feasible for the homeowner, allowing them to stay in their home. This can be done through a lengthened loan term, a decreased interest rate, or an altered amortization schedule. This also makes sense for the bank, which will continue making money from the home and will not have to pay the legal fees involved in foreclosure.

Foreclosure is an intimidating experience, but you don’t have to do it alone. Contact the Bartolone Law Firm in Orlando today. We help homeowners work with their banks on loan modification agreements, so you can stay in your home and get back on your feet. Call us at (407) 730-3230 to set up an appointment for a consultation.

How to Rescue Your Home from Potential Foreclosure

If you’ve missed a few mortgage payments and are worried about foreclosure, you’re not alone. Millions of Americans face the same situation. Here are a few tips to help you keep your home out of foreclosure.

First, if at all possible, make your mortgage payment, even if it means missing payments on unsecured debt like credit cards.

If making your payment is still a problem, contact your mortgage holder to see if you can work out a restructuring of the mortgage, perhaps through lengthening the term or lowering the interest rate, both of which will lower your monthly payment.

If you’re facing foreclosure, you may have more options than you think. Contact your lender to work out a restructuring, or call the Bartolone Law Firm at (407) 730-3230 to discuss other options.