Bringing your mortgage current though Bankruptcy in Jacksonville, FL might be a possibility. But you must first take into account your income, how far behind you are on you mortgage payments, as well as all of your other debts. Bringing your mortgage current through Bankruptcy in Jacksonville, FL is a three to five year commitment that comes with its own challenges.
In order to bring your mortgage current through Bankruptcy, you must first file a Chapter 13 Bankruptcy even if you qualify for a Chapter 7 Bankruptcy. A Chapter 13 Bankruptcy is a reorganization of your debts through a 60 month payment plan; referred to as a Chapter 13 Plan. Based on your income and family size, you make payments to a trustee. The trustee then distributes these monthly payments proportionally to your creditors. Whichever debts have not been paid off at the end of the 60 months are discharged. Continue reading →