Bankruptcy Options for Distressed South Florida Homeowners

Miami Personal Bankruptcy Lawyer Jordan E. Bublick has over 25 years of experience in filing Chapter 13 and Chapter 7 bankruptcy cases. His office is centrally located in Miami at 1221 Brickell Avenue, 9th Fl., Miami and may be reached at (305) 891-4055.  www.bublicklaw.com




Principal Residences, Non-Principal Residences, Commercial Property, and Farms


Bankruptcy - Chapter 13, 11, or 12

Principal Residencesa. Second and other junior liens - avoidable if wholly "underwater" (in Southern District of Florida)(not in chapter 7)

b. First Mortgages - Modification Options

1. Litigation settlement (state court or bankruptcy court)(defenses, etc.)

• settlements have recently begun to be achieved due to economy

2. Proposed bankruptcy law amendments

• expected to be retroactive to pending cases

• principal reduction to value of property

• interest rate modification

3. Obama "Making Home Affordable Program"


4. Other Voluntary Modification


Non-Principal Residences
First and Second Mortgage, Other Liens -Modifiable under present Chapter 13, 11, and 12 (not subject to "anti-modification clause")

• reduction in mortgage principal to value of real estate

• modification of interest rate

Commercial Properties

First and Second Mortgage, Other Liens - modifiable under present Chapter 13, 11, and 12 (not subject to "anti-modification clause")

• reduction in mortgage principal to value of real estate

• modification of interest rate

Family Farmers

First and Second Mortgages, Other Liens - modifiable under present Chapter 13, 11, and 12 (not subject to "anti-modification clause")

• reduction in mortgage principal to value of real estate

• modification of interest rate