An Attorney Can Help You Avoid Mistakes When Facing Foreclosure or Bankruptcy
If you are facing foreclosure or considering bankruptcy, what you don’t know can cause you to make mistakes. We are commonly contacted by debtors who have made serious mistakes when dealing with their foreclosure or bankruptcy — sometimes irreversible damage — by taking matters into their own hands before getting legal advice.
We represent individuals, couples, homeowners and business owners seeking debt solutions or urgent legal advocacy to stop foreclosure and other creditor actions. We strongly urge you to take a free consultation with one of our experienced attorneys, especially before engaging with lenders and creditors in transactions or negotiations.
Based in Tampa, Florida, the Stamatakis +Thalji + Bonanno law firm is devoted exclusively to debtors’ rights. Contact us today to get the facts and avoid mistakes that will haunt you later.
Foreclosure and Bankruptcy Mistakes to Avoid
Until you speak with an attorney, we offer this general advice:
- Don’t spend retirement savings to pay your mortgage or credit card debts. First of all, you are tapping money you will need in the future. Secondly, you will usually pay major penalties for withdrawing the money. Lastly, retirement savings are fully exempted in bankruptcy and many of your debts can be discharged or paid back over time in bankruptcy.
- Don’t pay upfront fees to non-lawyers for loan modifications. Mortgage lenders have zero obligation and little incentive to cooperate, and many loan modification programs are scams. Statistically speaking, you are likely to waste many months and thousands of dollars with nothing to show for it. The same is often true for debt settlement Our lawyers can negotiate with creditors to reduce your debts, but we do not take upfront fees to do so.
- Don’t bank where you borrow. Keep your checking or savings accounts separate from the institutions where you go for loans.
- Don’t sign documents or give statements before getting advice or review from an attorney. For example, innocently signing papers could constitute an admission of default that would hurt your foreclosure defense.
- Don’t rely on Realtors for legal advice. They are not qualified to give legal advice about foreclosure, mortgage transactions or other matters, which could result in bad decisions. Real estate agents may not have your best interests at heart.
- Stop making payments on credit cards or assets you intend to surrender. If you know you are going to lose your house or your car, or if you are planning to file bankruptcy, you are only throwing money away that could be put to better use.
- Don’t run up credit cardsor cash advances. Recent spending sprees or big-ticket items will be non-dischargeable and may delay or void your bankruptcy filing.
- Don’t hide or transfer assets. One of the most common mistakes debtors make is to give away or sign assets over to family members or a business entity in the months before filing bankruptcy. The bankruptcy trustee will go after those assets and you could be disqualified from bankruptcy discharge. You and your loved one could also be prosecuted for bankruptcy fraud. It is not worth risking federal prison time over a few thousand dollars in assets, especially if your bankruptcy is discharging tens of thousands in other debts.
- Don’t wait too long to consult an attorney. Sadly, many people come to us after they have sold or lost everything and burned their bridges with friends, family, lenders and creditors. Get legal advice while you still have options and still have assets to save.
- Don’t substitute advice from this website (or any source) for personalized legal advice from a qualified lawyer!
Tampa and Clearwater Foreclosure and Bankruptcy Mistakes
In a free initial consultation, we can sort fact from fiction and help you avoid foreclosure and bankruptcy mistakes that could cost you your home or derail your journey to debt relief. See our frequently asked questions and bankruptcy timeline pages for more background. To discuss your specific circumstances and all the ways Stamatakis + Thalji + Bonanno can help, call us at 866-479-6946 or contact us online.