Bankruptcy – Chapter 7, Chapter 13, Mortgage Modification Mediation

Miami – North Miami – Aventura   (305) 891-4055 

Free Initial Consultation 

Graduate of the New York University School of Law (LL.M.). And the Ohio State University College of Law (j.D.).

Miami Bankruptcy Attorney Jordan E. Bublick has been a practicing chapter 7 and 13 bankruptcy lawyer for over 25 years in the Miami area cropped cropped AIbEiAIAAABECI PuaL62ofYgwEiC3ZjYXJkX3Bob3RvKigwZTI0MWRhNjJlYTFkMjkxZDg5Yjg3ZGFlNTRlZDczNjc5NDRjZGMxMAGCM47dJjHCkbg33zFLVGMmYBnqXQ21 Chapter 7  and 13 Bankruptcy With the complexity of today’s world,  even the “simplest” of bankruptcy cases can present a broad range of issues that need to be reviewed properly by an experience bankruptcy lawyer.  A bankruptcy case may present issues such as valuation, exemptions, budget, “means test”  and “lien stripping” of mortgages.

 

Chapter 13 Bankruptcy

Chapter 13  gives a person the opportunity to work with their bankruptcy lawyer to formulate a chapter 13 plan to reorganize their debt, including mortgages, association liens, property taxes, income taxes, and credit card debt under a 3 to 5 year chapter 13 plan of reorganization. Also, chapter 13 is used by those for whom chapter 7 is not appropriate, usually those with a significant amount of non-exempt property or those who do not “pass” the chapter 7 “means test.”

 Chapter 7 Bankruptcy

Chapter 7 is usually used by individuals with little non-exempt property and lower incomes. But sometime persons who qualify for chapter 7 need to file a chapter 13 case as it offers the person the have needs that chapter 7 cannot provide – such as the need to modify their their mortgage or can loan or payoff IRS debt over time.

Chapter 13 Bankruptcy and Mortgage Modification Mediation Program

As part of a chapter 13 bankruptcy case, you are able to use the Bankruptcy Court’s “MMM” Program (Mortgage Modification Mediation).  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.