Information from a Bankruptcy Attorney in Tampa on Stopping Foreclosure with an Automatic Stay

One of the most common misconceptions many people have about filing for bankruptcy is that they will undoubtedly lose all of their possessions, including their most precious one – their home. However, this is not the truth, as any bankruptcy attorney in Tampa will tell you. In fact, a bankruptcy can actually help you stop foreclosure, stop repossession, and keep most of your property.

The two most common forms of bankruptcy for consumers are Chapter 7 and Chapter 13, and a Chapter 13 bankruptcy is the best option for families and individuals hoping to maintain possession of their property. In a Chapter 13 bankruptcy, your bankruptcy attorney in Tampa will help you receive an "automatic stay" from the bankruptcy court. This forces all creditors to stop their bill collection efforts, including foreclosure and/or the repossession of a vehicle. Furthermore, you will receive three to five years to catch up on your debts, and so long as you maintain the payment plan agreed upon as part of your Chapter 13 bankruptcy, foreclosure proceedings and other collection efforts will end.

If you are considering filing for bankruptcy and would like more information on the steps involved before, during, and after filing, speaking with a bankruptcy attorney in Tampa is a great idea. And, that's where the courteous team at Yesner &Boss, P.L. can help. Contact us today to set up a free consultation and learn more about the options available to you if you are facing serious financial issues and are wondering if filing for bankruptcy might be your best choice.