When to Consider Bankruptcy
Bankruptcy planning needs to happen early in order to get ahead of the worst case scenarios. The best time to consider bankruptcy is when you’ve fallen at least 3 months behind on your mortgage payments. At this point, your lender is likely to find your loan in default and begin foreclosure proceedings, of which you will be notified. By this point, your options to either refinance the loan or to work out a new payment plan with your lender have probably dwindled. Foreclosure means your lender wants the entire amount for the home, and if you don’t have the money to pay it, you’ll end up on the hook for a large sum of money.
Call the Bankruptcy Planning experts at the Frank Heston Law Firm Today at 954-755-7800