Szabo Law Group, P.A. Florida. Bankruptcy, immigration and real estate attorneys

Personal Bankruptcy

Relief from Stay in bankruptcy

When a debtor files for bankruptcy, an automatic stay goes into effect prohibiting creditors from taking any action of any kind to collect a debt. It stops all lawsuits including foreclosures and evictions. It’s against federal law for a creditor to violate the stay.

Miscellaneous and Early Payoff

Bankruptcy law assumes a reasonable lifestyle. Most people must live frugally under a Chapter 13 plan, but your disposable income is not static.

Monthly plan payment in Chapter 13 bankruptcy

Debtors must normally adhere to the provisions of the “applicable commitment period,” or the minimum duration of the repayment plan, which is determined by the debtor’s income. If you have a 60-month term, your payments will be completed after you have finished making 5 years of payments. Likewise, if your plan term is 36 months, your payments will be completed after three years.

How Soon After Bankruptcy Can I Buy a Home?

Just because you’ve filed for bankruptcy doesn’t mean your chances of owning a house are forever in doubt. If you are otherwise able to become credit-worthy in the future, filing for chapter 7, 11, or 13 will not create a permanent roadblock for you in your home-buying ventures.