Can I Handle My Foreclosure Lawsuit By Myself?

Thousands of American homeowners face the daunting issue of foreclosure every year. If you’re dealing with a foreclosure yourself, you’re not alone.

In particular, Florida residents have experienced some of the most alarming foreclosure rates in the country over the past decade. Florida has reported the highest foreclosure rate in the United States.

What happens if you’re already strapped for cash and struggling to figure out how you’ll fight back against a foreclosure filing on your home? While you might be tempted to handle it yourself, fighting a foreclosure lawsuit against a lender can be challenging. Success often requires specific knowledge of the process. With so much on the line, handling a foreclosure battle without the assistance of an experienced attorney could spell disaster.

To learn more about what is involved in the foreclosure process in Florida, contact Loan Lawyers by phone or online now for a free, confidential consultation.

What Is a Foreclosure Pro Se Representation?

When people purchase homes, their mortgage contracts typically include one or more clauses that describe what a lender can do if a homebuyer fails to make their mortgage payments on time.

One of the most common remedies in this kind of situation is called foreclosure. In a foreclosure, lenders seize a delinquent borrower’s property, evict them, and then sell the property in an attempt to recoup any past-due amounts the borrower owes.

There are two main types of foreclosure in the United States, including:

• Non-judicial foreclosures – As the name suggests, non-judicial foreclosures are those that involve no formal judicial process. Non-judicial foreclosure is typically handled out of court, though lenders must still follow specific legal procedures to initiate and finalize non-judicial foreclosure, such as posting official notices of their intent. Florida does not allow non-judicial foreclosures. Any foreclosures that are filed in our state must go through an alternate process known as a judicial foreclosure.
• Judicial foreclosures – In Florida and 22 other states, judicial foreclosure is the only option available for lenders who wish to remove delinquent borrowers from a mortgaged home. In a judicial foreclosure, a lender will sue a borrower in court to obtain permission from the court to sell the borrower’s property. The funds from the sale are used to cover delinquent loan payments.

This brings us to “pro se” foreclosure representation. Every American has the right to defend themselves in court without an attorney, which is what pro se representation is. The term “pro se” is derived from a Latin phrase meaning “for oneself.” Appearing in court without a legal representative is possible in the U.S. legal system.

Pro se representation may seem like an attractive option for people without significant financial resources or those who just prefer to take care of things themselves. However, going to court without a licensed attorney can be a huge risk – especially if you are arguing against experienced professionals on the lender’s side.

Why You Should Consider Hiring a Lawyer

You have your own job, family, and other concerns to deal with. The learning curve for foreclosure defense is steep. Since you don’t want your foreclosure case to be derailed by simple mistakes, it’s a good idea to hire an experienced foreclosure defense attorney before making any big decisions.

A lawyer can help your foreclosure case by:

• Offering specialized training and knowledge – Foreclosure proceedings are subject to a variety of state and federal laws. Foreclosure defense lawyers study and analyze those laws for a living. The laws are complicated and difficult to understand for people without years of practice.
• Providing the most up-to-date information – Not only is foreclosure law complex, it’s also dynamic. The relevant laws change every year, which can be hard to keep up with if you don’t know what to look out for.
• Preparing complex, thorough foreclosure defenses – Many foreclosure defenses are based on arguments that a lender did not follow proper procedures within their claim. This kind of defense requires a thorough understanding of relevant statutes and prior court decisions, which often means an abundance of research and research material.
• Helping you follow specific court procedures correctly – It’s entirely possible to have a solid case with irrefutable proof and then lose out on your right to sue because of a simple administrative blunder. A foreclosure defense attorney knows all of the particular details required by law in your state and can help you avoid this kind of frustration.

Defending Home Foreclosure Is a Delicate Process

If your foreclosure defense lawsuit does not go as planned, you could be facing the loss of your home, an unmanageable amount of debt, and other grave consequences. Foreclosure laws are some of the most complex legal codes imaginable, so it’s incredibly easy to make simple mistakes that have lifelong effects. However, there’s no need to let this process overwhelm you.

Foreclosure defense lawsuits typically involve specific court documents that must be filled out in specific formats and then filed by specific deadlines. You may not know exactly how to respond to a foreclosure summons, manage any necessary paperwork, or mount a competent defense of your case – but a lawyer does.

If your only hesitation has to do with cost, that’s completely understandable. It’s important to keep in mind that many legal consultations are free, and most law firms offer payment plans to help alleviate some of the financial pressure.

Contact Our Foreclosure Defense Lawyers Today

If you are considering handling your own foreclosure defense, contact Loan Lawyers today for more information and a second opinion. We can help you understand the particulars of your unique situation and discuss all of the options that may be available to you.

Call our foreclosure defense, debt defense, and bankruptcy law firm or contact us online for your free consultation.

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The Foreclosure Timeline in Florida

If you are a homeowner in Florida and have fallen into financial hardship as so many people have during the pandemic, it is natural to wonder what happens during the foreclosure process. Knowing what to expect can make this difficult time a little easier and understanding how to prepare can help you avoid foreclosure altogether by taking advantage of one of the alternatives available. If you think you are headed for foreclosure, below is a timeline of what you could expect.

Obtaining a Mortgage

You cannot face foreclosure without first having a home mortgage loan. Your mortgage loan outlines the total amount of the loan, the interest rate on the loan, and the amount of time you have to pay it back. When you took out the loan, you signed a promissory note along with the mortgage. By signing the promissory note, you made a promise to the lender to pay the home loan back within the terms you and the lender agreed upon.

Your Financial Situation Changes

It has never been more clear than during this pandemic that sometimes, things can change in an instant. You may lose your job or have a sudden medical issue that prevents you from working. You may rely on your savings but soon, that runs out. You have not missed a mortgage payment yet, but you fear that it is going to happen soon. It is at this point that you should speak to a foreclosure defense lawyer. A lawyer can advise on your situation, and may even be able to help keep you in your home.

You Miss Your First Mortgage Payment

It is natural to panic as soon as you miss one mortgage payment, but it is important not to. Most lenders will provide a grace period–typically 10 to 15 days after the mortgage payment is due–in which you have to make your payment. You will likely have to pay a late fee, but that is the only consequence for paying within the grace period.

You Miss a Few Mortgage Payments

After you have missed several mortgage payments, the loan servicer will send one or two letters notifying you of the missed payments. The servicer will also likely try to call you to collect the missed payments. At this point, it is crucial that you get sound legal advice from a foreclosure defense lawyer. You may be able to work out an agreement, which may include a loan modification, a forbearance, or a payment plan.

You Enter the Pre-Foreclosure Period

If you and the loan servicer or your lender could not come to an agreement, you will enter into the pre-foreclosure period. In January of 2014, the Consumer Financial Protection Bureau enacted rules that stated mortgage servicers must wait a minimum of 120 days after you become delinquent in mortgage payments until they can begin foreclosure proceedings. During this time, it is crucial to examine all the options that could stop a foreclosure.

You Might Receive a Breach Letter

Depending on your mortgage contract, the servicer or lender may send you a breach letter, or demand letter. The letter will notify you that your loan is in default and if the mortgage requires it, the lender must send it before they start the foreclosure process. The letter will also specify the amount you must pay to bring your account up to date. If you make the payment before this date, it will stave off foreclosure.

The Lender Will File a Lawsuit

Florida is a judicial foreclosure state. This means that before the lender or servicer can foreclose on your home, they must file a lawsuit with the courts. After the lawsuit is filed, you will receive a notice of the complaint along with a summons. The summons tells you when you are to appear in court. You should also answer the complaint within 20 days to avoid a default judgment.

The Lender will File a Motion for a Default Judgment

If you do not file an answer with the court within the appropriate amount of time, the lender or servicer will file a motion for a default judgment. A default judgment will mean the lender automatically wins their case and by not responding, you have forfeited your chance to defend yourself.

The Lender will File a Motion for a Summary Judgment

Even if you do respond to the complaint, the lender will still file a motion for summary judgment if the facts of the case are fairly clear. A summary judgment allows the lender to foreclose more quickly, as this stops the trial process. At this point, it is critical that you work with a foreclosure defense lawyer who can stop the motion for a summary judgment from being granted.

A Trial Date is Set

If the judge denies the summary judgment, a trial date is set for your case. If the judge rules in your favor at trial, you can keep your home. If the judge decides in favor of the lender, the final judgment against you is entered and the foreclosure process will continue.

The Lender Will Prepare the Foreclosure Sale

If you lose at trial, the lender will start to prepare for the foreclosure sale, which usually takes place between 20 and 35 days from the final judgment. A foreclosure defense lawyer can work with the lender to extend this time so you have more time to move. A legal notice of the sale will also be published in the newspaper for two consecutive weeks. By selling your home, the lender can recover some of the money you still owe on your mortgage.

The Lender May Pursue a Deficiency Judgment

Lenders sometimes file deficiency judgments against homeowners who lost their homes in foreclosure. If they are successful, you will need to repay the balance that is left on the loan after the foreclosure sale.

Our Florida Foreclosure Defense Lawyers Can Help You Keep Your Home

If you are facing foreclosure, a Fort Lauderdale foreclosure defense lawyer can help you throughout every step of the process. At Loan Lawyers, we understand the foreclosure process and have used the defenses available to help thousands of homeowners stay in their homes. If you are in fear of foreclosure, call us today at (954) 807-1361 or contact us online to schedule a free consultation.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation to see how we may be able to help you.

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FAQs About Bankruptcy

Bankruptcy is a great way for some people to get rid of all or most of their debt, but the process is confusing for some. Individuals filing bankruptcy typically have questions before, during, and even after the process is finalized. If you are suffering from immense debt, below are the answers to some of the most frequently asked questions. Knowing these answers before you begin can help you to better prepare for the process.

What Is Bankruptcy?

Bankruptcy is the legal process for discharging debt. There are many different types of bankruptcy you can file depending on whether you are filing a personal bankruptcy or filing for your business.

What Type of Bankruptcy Should I File?

No one can determine which type of bankruptcy is right for you without first reviewing the facts of your case. Generally speaking, Chapter 7 bankruptcy works best for unsecured debt, or if you just want to get rid of your debt and start with a clean slate. Chapter 13 bankruptcy is more complicated and involves creating a repayment plan that could extend over five years. When filing a Chapter 13 bankruptcy, you can also keep your home and other assets.

When Should I File Bankruptcy?

Simply being in debt is not reason enough to file bankruptcy. If you have a good income, or very little debt, and do not have trouble paying it off, bankruptcy is probably not the wisest choice. However, if your debt significantly outweighs your assets and income, bankruptcy may be a good choice.

How Can I Stop Creditor Harassment After Filing Bankruptcy?

Once you file bankruptcy, your creditors must stop harassing you and you do not need to do anything to stop it. The bankruptcy court will issue an automatic stay, which prohibits any debt collectors or creditors from contacting you and trying to collect on the debt.

What Should I Do if a Creditor Still Contacts Me?

If you have filed bankruptcy and a creditor or debt collector contacts you despite the automatic stay, you should speak to a bankruptcy lawyer. Ask the offending creditor for their name so your lawyer can send them a cease and desist demand letter to stop contacting you. If they still continue to contact you, obtain their names and contact information so your lawyer can sanction them in the bankruptcy court.

Can I Obtain Credit After Filing Bankruptcy?

In most cases, a person can still obtain credit after filing bankruptcy. In fact, many people receive pre-approved credit applications shortly after their debt is discharged. However, you should know that you may have to pay higher interest rates. If you want to improve your credit without taking on higher interest, a secured credit card can help you get your credit score back in good standing.

Can I Keep Current Credit Cards Once I Have Filed?

This will largely depend on your creditor. If you have a balance on your credit card and discharge the debt, the creditor will likely cancel your account. Even if you do not carry a balance on a credit card, the creditor may still cancel the account because they now view you as high risk. It is important to understand though, that keeping a credit card could hurt your bankruptcy case. Other creditors may point to the fact that you have paid down one debt, so you should be able to pay down others, as well. If they are successful with their argument, it could push you out of bankruptcy.

Is All My Debt Discharged in Bankruptcy?

The answer to this largely depends on the type of debt you have, and the type of bankruptcy you are filing. If you are filing Chapter 13 bankruptcy, you may get rid of some of your debt, but you will likely have to repay the majority of it. Regardless of what type of bankruptcy you file, there are still certain types of debt you cannot discharge in bankruptcy. These include child support, student loans, and certain tax debts.

What Property Do I Have to List When Filing?

The bankruptcy laws of the United States require that you fully disclose all of your property and assets regardless of the type of bankruptcy you are filing. Bankruptcy filings are examined by the U.S. Trustee’s office, IRS auditors, and the FBI fraud division. Even if you do not include certain assets within your bankruptcy filing, they will be found. Once they are, not only will it hurt your bankruptcy case but it can also result in charges of bankruptcy fraud. Bankruptcy is a federal felony that has serious penalties for those convicted. Always fully disclose your assets, regardless of how you think they may affect your case.

Who Will Learn About My Bankruptcy?

Most court records are public record and bankruptcy proceedings are no exception. However, you should not let this keep you from filing bankruptcy. Your friends and family will not likely pull up public records to learn about your bankruptcy, so they will only know if you tell them.

Direct notice of the bankruptcy is sent to your creditors and, if applicable, your co-debtors. Bankruptcies are also reported to the major credit bureaus and so, it will remain on your credit

for seven to 10 years. This may mean that employers and creditors may be able to see it if they perform a credit check on you.

Do I Have to Work With a Florida Bankruptcy Lawyer?

You are not required to hire a Fort Lauderdale bankruptcy lawyer when filing any type of bankruptcy and you can represent yourself in court. However, doing so has many disadvantages. Bankruptcy laws in the country sometimes change and one mistake could mean significant consequences for your case. At Loan Lawyers, we have helped thousands of people successfully file bankruptcy and become debt-free and we want to help you, too. Call us today at (954) 807-1361 or fill out our online form to schedule a free consultation with one of our skilled attorneys.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation to see how we may be able to help you.

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Temporary Stop for Foreclosure Lawsuits and Sales To Expire Soon

Many federally backed mortgage loans are currently under foreclosure moratoriums.  This means that many loan servicers are unable to file mortgage foreclosure actions against homeowners who have been unable to make their mortgage payments.  For many homeowners already in the foreclosure process, this also means that many homeowners have been spared having their homes sold at a public auction.  However, this is only temporary.  It is only a matter of time before foreclosure lawsuits and sales begin to flood the courts again.

If there is one thing we have learned after representing thousands of Florida homeowners,  it is that the sooner you get assistance from a competent law firm, the better chance you have of saving your home.  Not only that however, but you need to also choose a law firm with the tools and experience to actually save homes.  Many foreclosure defense lawyers who represent homeowners simply kick the can down the road and delay the process to try to keep you in your house temporarily.  At Loan Lawyers, we offer many services that may assist you in saving your house.

For starters, we are a team of trial lawyers.  We do not just kick the can down the road.  If we think we can win your case at trial, we are ready, willing, and able to take your mortgage foreclosure case to trial.  We also have a stellar mortgage modification department where we may be able to help you lower your interest rate and possibly the principal amount owed on your mortgage, resulting in an affordable mortgage payment.

Moreover, we also have an aggressive bankruptcy team where we may be able to save your home through repayment or the bankruptcy mortgage modification program that exists in some bankruptcy courts in Florida.

We have saved thousands of Florida homes from foreclosure and would greatly appreciate the opportunity to speak with you about your personal situation and help you craft a solution that suits your needs.  Kicking the can down the road without any other plan in place is not what you want to do if you find yourself behind on mortgage payments.

Call us right now for your free consultation so that you can get on the path of trying to save your home.  Our attorneys are standing by at 1-888-FIGHT-13, call now.

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What to Do If You’ve Been Sued for Foreclosure

There are several steps in the foreclosure process, and this complexity is part of the challenge for homeowners who end up in foreclosure proceedings. They’re just trying to figure out if they can keep their homes, and all of a sudden, they’re being sued and are up to their ears in legal documents.

This can easily become an overwhelming experience, especially if you’ve rarely or never had to deal with the legal system before.

If you’re facing a foreclosure lawsuit, your first call should be to the foreclosure defense, debt defense, and bankruptcy attorneys at Loan Lawyers. These kinds of cases are all that we do at our firm, giving us an advantage over other firms with a broader focus. We’ve helped residents from South Florida and all across the state slash their debts and keep their homes. We want to help you do the same.

For your free initial consultation, call us today or visit our contact page.

Summons Versus Complaint Versus Lis Pendens: What’s the Difference?

In Florida, most foreclosure proceedings are handled by the courts, and a judge must sign off on any foreclosure sale. Before your lender can foreclose on your home, they will have to file a lawsuit against you.

There are three primary components to any foreclosure lawsuit: the complaint, the summons, and the notice of lis pendens. Let’s break these three elements down:

• Complaint – The complaint is the portion of the lawsuit wherein your lender will outline the basics of their claim against you. This will include the terms of the mortgage, a description of the property to be foreclosed upon (such as your home), when you went into default, how much of the loan is still due, the defendants in the lawsuit (such as you and your family), etc. Your lender will also outline the relief they’re seeking from the court, namely a judgment that allows them to foreclose on your home.
• Summons – When your lender files a foreclosure suit, a summons will go out to all of the defendants listed in the complaint. Typical defendants in a foreclosure suit include the homeowners, any other occupants of the home, any lienholders, etc. The summons will also state that the defendant will have to respond if they wish to contest the lawsuit and will outline how much time they have to respond. In Florida, the typical deadline to respond to a foreclosure suit is 20 days.
• Notice of lis pendens – Lis pendens is a Latin phrase for “suit pending.” When a lender files a foreclosure suit, the notice of lis pendens goes into the property records in whichever county the suit is filed. This notice is intended to let the public know that there’s an impending foreclosure suit involving the property mentioned in the notice. The notice of lis pendens is fairly basic and usually includes a description of the property and a statement that foreclosure proceedings have been initiated.

How to Respond to a Foreclosure Lawsuit: Your Options

At the most basic level, you have two ways you can respond to a foreclosure lawsuit:

• The first option is to not give any answer to the lawsuit. If you do this, you’re essentially giving up any right to contest the foreclosure, and your lender will likely obtain a default judgment against you. Once that happens, they can move to sell your home and quickly run you out of it. If you do not wish to fight the foreclosure, though, this can be a viable option.
• The other way you can respond to a foreclosure suit is to answer the charges listed in the complaint. This is how you contest the suit. Each allegation in the complaint will be an individually numbered paragraph, and if you fight the lawsuit, it’s critical to respond to each allegation in the order that they’re listed.

For each charge, state that you admit the allegation, deny it, or that there’s not enough evidence to admit or deny the allegation. If you admit an allegation, the courts will take that allegation as fact, but your lender must prove any allegation that you deny.

Your response to a foreclosure suit also gives you a chance to offer any defenses you may have to prevent the suit from going forward. For example, you might try to argue that the lender does not own your mortgage and therefore has no standing to bring the lawsuit. Or you might try to show how the lender has not followed proper foreclosure procedure, which can sometimes lead to a suit being dismissed.

When to Call a Foreclosure Defense Lawyer

While you are not required to hire an attorney if you’re sued for foreclosure, it’s always a good idea to hire one. A foreclosure defense lawyer will know all the ins and outs of Florida’s foreclosure statutes, so they can help you mount a stronger defense.

They can also help you gather the evidence you need to support your defense and make sure your reply is filed in a timely manner. If you take too long to file your reply, your lender will obtain a default judgment and will then be able to sell your home out from under you.

Get Help from a Foreclosure Defense Lawyer Now

There’s no overstating the importance of being able to keep your home. Your family deserves safety, security, and shelter, and a foreclosure lawsuit can rip that all away from you. While it’s tempting to believe that if you don’t answer a foreclosure suit, it will just go away, the reality is that doing so will only place your family in greater jeopardy.

Instead, the foreclosure defense lawyers at Loan Lawyers are ready to work tirelessly to keep your family in your home and reduce your debts. To get started on the road to recovery, call us at today or visit our contact page to schedule your free initial consultation.

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The Role of the Receiver in Commercial Foreclosures

The COVID-19 pandemic has been extremely difficult. Even when people are not getting sick or losing a loved one, the sad truth is that many Floridians have been worried about their business all year. Forced lockdowns and a general fear among the public related to doing things as simple as shopping or eating inside a restaurant have hit business owners extremely hard. While homeowners got some relief during the height of the pandemic, commercial business owners did not get much. As such, many of them will likely face foreclosure in the coming months.

Commercial foreclosures are similar to residential foreclosures, but they do have some differences. One of those is that a commercial foreclosure involves a receiver. It is important that business owners understand what a receiver is and the role they will play during the foreclosure process.

The Uniform Commercial Real Estate Receivership Act

Recently, Florida has adopted the Uniform Commercial Real Estate Receivership Act (UCRERA). The vast majority of commercial real estate loan documents allow for the appointment of a receiver in the event the borrower defaults on the loan. However, in Florida, the appointment of a receiver did not happen in every case prior to the adoption of the UCRERA. Instead, it was considered an extraordinary remedy that should only be used with caution, as it is an infringement of the owner’s fundamental right to possess their own property.

The role of the receiver in a commercial foreclosure is to protect the value of the property. The trial court has the discretion to appoint a receiver in a commercial foreclosure case. However, if it is not found that the property is being wasted or otherwise at risk of serious loss, it is an abuse of that discretion for the trial court to appoint one. The courts have largely followed this standard without giving any regard to the language contained within mortgage or loan agreements that provides the absolute right to appoint a receiver.

Florida did not adopt the UCRERA until July of 2020. That made the state the ninth state to enact the legislation along with Utah, Oregon, Nevada, Tennessee, Michigan, Maryland, Arizona, and North Carolina. The fact that Florida has now adopted the Act is important because the appointment of a receiver is helpful to the lender and hurtful to commercial property owners. It was the UCRERA Task Force that decided to implement this piece of law in Florida. Their reason for doing so was to provide a clear standard for appointing a receiver. Up until the law was adopted, according to the UCRERA Task Force, the standards differed from one county to the next on when a receivership was an appropriate remedy.

Potential Litigation Surrounding the UCRERA

The standard for appointing a receiver according to the UCRERA is the potential for serious risk of loss. While this is just one standard, Florida law allows for many different standards when appointing a receiver. This law states that when a property has moved into foreclosure or a lender is trying to enforce a mortgage, the court must consider a number of facts and circumstances, along with certain relevant facts, to determine if they should appoint a receiver for a property.

Those facts and circumstances include:

• Appointing a receiver is necessary to protect the property from loss, waste, or substantial reduction in value,
• The borrower agreed to appoint a receiver after they have defaulted,
• The owner agreed to appoint a receiver after the property had fallen into default,
•  Assets and other collateral held by the lender do not carry enough value to sufficiently satisfy the secured obligation,
• The owner failed to provide the lender with mortgage proceeds or rents the lender was entitled to, or
• The holder of a lien appointed a receiver for the property.

The UCRERA significantly modified the previous standards for appointing a receiver in Florida, particularly Sections 2(b) and (c). As a result, it is expected that Florida will see significant litigation in the coming months. That litigation will likely focus on whether meeting just one factor of Section 2 is enough for the courts to appoint a receiver, or if the courts will have to meet more than one standard.

The language of the law is not always clear. The Florida Statutes state that the court should consider the above facts and circumstances, along with any other relevant information. When this type of language is used, it is generally to allow judges to make their own analysis in any case. The appellate courts, on the other hand, are more likely to focus on the exact standards outlined in the statute. As such, it is crucial that loans and mortgage agreements include language that will trigger section 2(b) and 2(c) of the statute.

It is important that all commercial owners understand the adoption of the UCRERA and what it means to them. Unfortunately, commercial foreclosures are likely to increase in the coming months and the current language of the law allows lenders to become particularly aggressive until an appellate court says otherwise. It is not uncommon in commercial mortgage foreclosures for the receivership appointment to draw an end to a case, which means the business owner will likely lose the property.

A commercial foreclosure defense lawyer will attempt to expand the requirements a court must consider. A lawyer will also remind the trial judge that the language allows the judge to use their own discretion when deciding whether to appoint a receiver or not.

Our Florida Commercial Foreclosure Defense Lawyers can Help with Your Case

No one ever wants to lose their business, or lose the place their business calls home. Sadly, it is expected to happen more often in the coming months. If you are a business owner facing foreclosure, do not go it alone. At Loan Lawyers, our Fort Lauderdale commercial foreclosure defense attorneys can assist with your case. We will explain the law and how it applies to your case, and use the defenses available to build a solid defense and give you the best chance of keeping the property. Call us today at (954) 807-1361 or contact us online to schedule a free consultation with one of our skilled attorneys.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation to see how we may be able to help you.

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Do Not Avoid Bankruptcy Due to Stigma

Stigmas are very difficult to overcome, and many people believe that bankruptcy has a certain stigma attached to it. It is this perceived stigma that stops many people from taking advantage of bankruptcy and the protection it provides. Bankruptcy, however, is a right provided by the U.S. Constitution. Hundreds of thousands of people realize the benefits bankruptcy brings every year. While there are some stigmas that go along with bankruptcy, they may not be as bad as you think, and a stigma is certainly no reason to put off filing bankruptcy and starting over with a clean slate.

The Social Stigma

The social stigma of filing bankruptcy is often the most concerning for people. Money is an uncomfortable topic for many, and it is very difficult to admit to your friends and loved ones that you have fallen into financial hardship. If it is this social stigma that has kept you from filing, you should know there is little chance people will find out unless you tell them.

Bankruptcy cases go through the court and so, they are a matter of public record. However, very few people go searching through these records just to determine if someone has filed bankruptcy. While your creditors will know that you have filed bankruptcy, no one else will.

If you do feel comfortable enough telling someone you have filed bankruptcy, you may be surprised to learn just how understanding they are and how common it is. Some studies have shown that approximately one in 10 people will file bankruptcy at some point in their life. Someone you know may have already filed bankruptcy and so knows how difficult it is, but that it can also provide a fresh start.

The COVID-19 pandemic has placed millions of people into financial hardship and so, bankruptcies will only become more common in the coming months and years. If you are thinking about filing for bankruptcy, it is important to know you are not alone.

The Emotional Stigma

Although the U.S. Constitution provides the right for people to file bankruptcy, many still feel guilty when they do. Most people want to pay their bills and hate being in debt. They may view bankruptcy as a last resort, and confirmation of the fact that they are financially irresponsible. This is a very difficult stigma for people to wrestle with as they consider bankruptcy.

Guilt is never a pleasant emotion to deal with. That being said, circumstances are not always in your control and while bankruptcy should be used as a last resort, people often end up filing through no fault of their own.

No one could have foretold the pandemic that is currently sweeping the globe. It is placing even the most financially responsible people under a great deal of strain. What’s more, many people file as a result of medical debt or other unforeseen circumstances. Do not feel guilty about filing, and remind yourself you will get back on your feet in the near future.

The Financial Stigma

The financial stigma of bankruptcy is the only one that will have a real impact on you. Once you have filed for bankruptcy, your credit score will drop. How many points your score drops by will depend on what your credit score was prior to filing bankruptcy. The credit scores of people that file for bankruptcy usually tend to hover around the 550 level, regardless of their previous score. However, being prudent and responsible will help you increase your score over time.

The drop in your credit score may make things financially difficult for you at first. For example, you may have difficulty obtaining a loan or a credit card. However, this is not always the case either. It is not uncommon for creditors to offer credit cards to people who have just filed for bankruptcy. This is because they know the borrower cannot file bankruptcy for at least another eight years, so there is little chance they will end up writing off the debt. Also, because of the hit to the borrower’s credit score, a creditor can offer those credit cards at much higher interest rates.

It is true that filing bankruptcy will come with a bit of a financial blow, so this stigma is very real. However, like so many other stigmas, this one is likely not as bad as you are thinking, either.

Considering the Benefits

While there are stigmas associated with bankruptcy, whether real or perceived, it is better to focus on the benefits if you are having financial difficulties. The bankruptcy system was put into place by the federal government to ensure the financial system did not collapse. It provides a way out for borrowers so they do not have debt hanging over them for the rest of their lives.

Using the system as it was intended holds many benefits. Mainly, it allows you to discharge your debt and start again financially. Immediately after you file bankruptcy, an automatic stay is placed on all forms of debt collection and creditors and debt collectors can no longer contact you or continue pursuing the debt. That means you realize the benefits of filing for bankruptcy immediately.

Bankruptcy is also a relatively quick process. A Chapter 7 bankruptcy will take approximately four to six months. Chapter 13 bankruptcies will typically take three to five years before the case is officially over, however, much of that time is spent repaying debt.

Our Florida Bankruptcy Lawyers Can Help with Your Case

The pandemic has pushed millions of people in Florida into financial hardship. If you have been affected and are thinking about filing, call our Fort Lauderdale bankruptcy lawyers today. At Loan Lawyers, we know the benefits of filing and will help you through the process so you realize all of them. Call us today at (954) 807-1361 or contact us online to schedule a free consultation with one of our skilled attorneys and to learn more.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation to see how we may be able to help you.

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