Debt is a burden that many Americans carry, and it can be difficult to manage outstanding balances for an extended period of time. Whether it is credit card debt or other types of debt, getting behind on payments can result in a vicious cycle of accumulating interest and more money owed. If you are experiencing this with your mortgage and are dealing with threats from creditors because of your past-due payments, you may be wondering how you will keep your house and deal with your debt at the same time.
Threats of foreclosure are disheartening and overwhelming for any Florida homeowner. However, just because you are behind on your payments does not mean that you will lose your home. One of your options includes filing for bankruptcy, which will enact the automatic stay. This will actually stop the foreclosure process and prevent further contact from creditors.
For individuals with a serious amount of mortgage debt, Chapter 13 is a popular choice. This allows a homeowner to catch up on payments in an organized manner over a period of three to five years. While it does take longer than Chapter 7 bankruptcy, this is often an effective way to deal with mortgage debt specifically.
You may not think that you need to file for bankruptcy, but it could be the right choice for you to allow to keep your house. Despite what many Florida consumers think about the process, it is actually a positive way to confront debt. By taking this step and filing for either Chapter 7 or Chapter 13 bankruptcy, you can protect your personal property and emerge to a future that is free of many types of debt.