South Florida Bankruptcy Lawyer

Currently, individuals faced with mortgage problems can expect very little help from bankruptcy courts. All of that could change if Congress can manage to scrape together enough votes to change the bankruptcy laws and then over-ride an indicated veto.

The changes currently being debated would allow bankruptcy courts to restructure mortgages in an effort to help individuals that have been hit with ballooning monthly payments.

Giving bankruptcy courts the ability to restructure mortgages is seen as an option that would be benficial to both lenders and borrowers. It is beneficial to borrowers because they would get to keep their major asset and not have to feel the emotional trauma of losing their home. The lenders would benefit because they would not be forced to sell a foreclosed house at a very low rate.

Currently, the only option for debtors that would like to keep their house is filing for Chapter 13 bankruptcy. This plan, while it allows individuals to spread delinquent payments over many months, does not provide much protection.

If you are being faced with filing for bankruptcy, contact the experienced bankruptcy lawyers of Klein Attorneys at 561-353-2500 to discuss your situation and to determine the best option.