From $700.00 plus costs
Miami – Aventura bankruptcy attorney Jordan E. Bublick has been a practicing chapter 7 and chapter 13 bankruptcy lawyer for over 25 years in the Miami area and is a graduate of the New York University School of Law (LL.M.) and the Ohio State University College of Law (J.D.).
Chapter 13 Bankruptcy
The filing of a Chapter 13 bankruptcy provides an “automatic stay” against creditor actions and gives a person the time to work with their bankruptcy lawyer to formulate a chapter 13 plan of reorganization to pay part of all of their debt – such as mortgages, association liens, property taxes, income taxes, and credit card debt. In today’s economy, chapter 13 bankruptcy is often used to stop a mortgage foreclosure sale and apply for a mortgage modification under the Bankruptcy Court’s “MMM” program.
Also, chapter 13 bankruptcy is used when the filing for chapter 7 bankruptcy may not be appropriate – when a person has a significant amount of non-exempt property or they do not “pass” the chapter 7 “means test.”
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is usually used by persons with little non-exempt property and lower incomes. But sometime persons who may otherwise qualify for chapter 7 may need to file a chapter 13 case as they have the need to reorganize or modify their mortgage under a chapter 13 bankruptcy plan.
Mortgage Modification Mediation (“MMM”) Program
As part of a chapter 13 bankruptcy case, you are able to use the Bankruptcy Court’s “MMM” Program (Mortgage Modification Mediation) to apply for a mortgage modification. In this way, you are able to address financial issues in one plan – first mortgages, second mortgage, credit cards, IRS debt, etc.
It is often easier to obtain a mortgage modification under the MMM Program as you are able to communicate directly with the mortgage lender over a special internet portal and also due to the assistance of the mediator appointed by the Bankruptcy Court.