Chapter 7 (Liquidation):
Chapter 7 Bankruptcy is for those with little or no income with limited assets. This is what most people have in mind when they hear the word “bankruptcy.” The law affords these individuals a fresh start by discharging or eliminating the legal obligation to pay most if not all unsecured creditors such as credit cards and medical bills. Secured creditors like home mortgages and vehicle loans must be reaffirmed (agree to continue paying) in order to keep the home or mortgage or they must be surrendered back to the creditor if unable to make the required payments. In the latter case, the entire debt will be discharged. Some debts, like student loans and recent tax assessed obligations, will never be discharged.

Chapter 13 (Reorganization):
In October 2005, Congress changed many of the old bankruptcy laws requiring most people to pay some of their unsecured debt to their creditors through a Chapter 13 payment plan. This is the most common bankruptcy filed today. Individuals reorganize their existing debts, continue to pay some secured creditors directly, cure (or catch up payments) to secured creditors or surrender certain property (homes or cars) through a plan of reorganization. These Chapter 13 payment plans will usually provide for some percentage or re-payment to unsecured creditors (principal only) based on one’s income, expenses, and assets.

Foreclosure:
Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien".

A Foreclosure by Sale ends in the posting of a sign advertising the auction of your home on the sale date. The only ways to stop a foreclosure are full payment of the arrearage, or the filing of a Chapter 13 bankruptcy. Full Payment: If you are able to obtain and tender the full amount of your arrearage, including fees and costs, you can stop the foreclosure of a standard residential mortgage. Most people lack the money to make full payment. Filing Chapter 13 stops the foreclosure and allows you to repay your arrearage over a three-to-five year period. The arrearage is paid through a court-appointed official, along with a regular monthly payment to the bank in order to keep your home. A Chapter 13 can be filed at any time prior to the law day or sale date, and it is often the only avenue to save your home.

Residential Closings:
If someone is buying a home, selling a home or refinancing an existing home in the State of Florida, the Law Offices of Drake Ozment, LLC, can handle the closing through Mr. Ozment’s title company, Oz Title. We offer free title quotes.

If you or someone you know needs the assistance of an experienced West Palm Beach Bankruptcy lawyer, call Drake Ozment today at 866-664-6191, or use the contact form provided on this site to schedule a free consultation.

If you or someone you know needs the assistance of an experienced West Palm Beach Bankruptcy lawyer, call Drake Ozment today at 866-664-6191, or use the contact form provided on this site to schedule a free consultation.

ADDRESS OF THE FIRM:
Law Offices of Drake Ozment, LLC
2001 Palm Beach Lakes Blvd., Suite 500
West Palm Beach, FL 33409
Phone: 866-664-6191
Hours: M-F, 9:00AM-5:00PM
Se Habla Espanol

MEMBERS OF THE FIRM:

Attorney Drake Ozment

• Jurisdictions Attorney is Licensed in: All Florida State courts; United States District Court, Southern District of Florida (United States Bankruptcy Court); United States District Court, Middle District of Florida (United States Bankruptcy Court)
• Date Admitted to the Bar: 1990
• Colleges Attended, Degree & Year Graduated: Stetson University, 1985; Nova University, Center for the Study of Law, JD, 1989
• Professional Memberships & Achievements: Florida and Federal Bar; Attorney's Title Insurance Fund