Legal Question in Bankruptcy in Florida
chapter 7
less than a year ago i gave a person a second mortgage that have been recorded in the dade county court, now i got a notice that this person that owes my second mortgage has filed for bankrupcy under chapter 7; do i continue to receive payments,what recourses do i have to enforce my mortgage or what is to expect from the debtor?
1 Answer from Attorneys
Re: mortgage rights in chapter 7
Ordinarily a debtor who wants to keep his house will stay current on mortgage debts in a Chapter 7 bankruptcy. The debtor has a right to either reaffirm a debt which is secured by property or to reject the debt and return the collateral. Bankruptcy creates an "automatic stay" which prohibits creditors from collecting their debt, including foreclosing on property without court permission. If the Debtor does not make payments the creditor may file a "motion to modify the automatic stay" to get permission from the Bankruptcy Court to foreclose on the mortgage.
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