Filing for Bankruptcy Can Stop the Foreclosure Process
By Patrick CorderoBankruptcy laws have several related powers, one of which is to stop a foreclosure that is in process. Filers of Chapter 13 bankruptcy can therefore remain in their homes while they resolve their credit-card and other debts. A qualified bankruptcy attorney can inform filers of other opportunities and related laws that can protect them as consumers, such as helping them avoid the devastating loss of their homes and other assets like vehicles, that are important to their ability to work and have quality of life. Chapter 7 bankruptcy, although it requires the filer to liquidate assets in order to pay off creditors, also has options for protecting homes, cars, wages, and retirement pensions. Of course, there are alternatives to filing for bankruptcy, actions that can also prevent individuals and families from losing their homes. These include selling the current home and buying one that fits the family’s new financial situation, implementing a short sale, or negotiating with the bank or mortgage company for a loan modification. About the Author:Patrick Cordero is an attorney practicing bankruptcy law in Miami, Florida. The Law Offices of Patrick Cordero, PA, is recognized as the largest bankruptcy filer in Florida, and the third largest in the United States.
A New York City native, Patrick Cordero prepared for his successful career in the field of bankruptcy law, at Marquette University in Milwaukee, Wisconsin, where he earned his Bachelor of Arts in Business Administration. Subsequently, he enrolled in the St. Thomas University's School of Law, located in Miami, Florida, where he obtained his Juris Doctor. He next joined the firm of Freshman Freshman & Traitz, PA, as a law clerk, and then opened a firm as Partner in 1989 called Cordero & Psaltides, PA. Currently, he is sole owner of The Law Offices of Patrick L. Cordero, PA, in Miami, where he concentrates his practice on asset protection and bankruptcy. With his staff of 55 dedicated professionals, Mr. Cordero has earned a reputation for providing individual attention, sound legal advice, and top-notch services to clients. In addition to serving clients, Patrick Cordero consults with other attorneys and businesses, and his practice remains the top bankruptcy-filing firm in the United States Bankruptcy Court’s Southern District of Florida, as well as the second-highest-volume filer in the country. Patrick Cordero notes that there are several ways for a prospective client to determine whether he or she is a candidate for bankruptcy. If a client remains months behind on a mortgage, falls far behind on credit card payments, cannot pay his or her debts, or worries that the next paycheck won’t cover debts, Mr. Cordero suggests a consultation with a bankruptcy attorney. Other signs that a client needs an attorney in this area include anxiety due to pressing financial concerns, losing a job, and having to make the choice between feeding a family and paying bills. Patrick Cordero and his staff can assist clients in handling all their financial problems, and they strive to help the client eliminate certain debts, make arrangements to pay back certain debts, and build a strong financial future. Well-versed in Chapter 13 and Chapter 7 proceedings, the lawyers at the firm have built relationships with banks and creditors that enable them to obtain the best terms possible concerning clients’ credit card debt and mortgage payments. In addition, Patrick Cordero can put an end to harassing phone calls from creditors and help clients avoid mortgage foreclosures. In recognition of his service to the minority communities of South Florida, the Minority Chamber of Commerce recently named Mr. Cordero a Leader in Bankruptcy/Restructuring.
Patrick Cordero: Bankruptcy Mediation
As the principal attorney at the Law Offices of Patrick L. Cordero in Miami, Florida, owner Patrick Cordero and his team of 55 legal professionals offer clients more than 24 years of expertise in the law and litigation specific to loan modification, foreclosure, and bankruptcy lawsuits. Aside from managing one of the largest firms in Florida handling bankruptcy cases, Patrick Cordero is also a member of the U.S. District Court Bankruptcy Mediation Committee for the Southern District of Florida.Bankruptcy mediation is an option for two or more parties to resolve issues out of court with a district-accredited, third-party mediator. Chapter 7, 11, 13, and other categories of bankruptcy between either private or commercial interests may both agree to the option of mediation at any point during a legal proceeding, which is typically less costly than pursuing a court decision in front of a judge. In most cases, the parties agree to split the fees for mediation; all information disclosed during the mediation is confidential. In the event of a successful mediation, the parties involved must sign a “term sheet,” which is then presented to the bankruptcy court to summarize and conclude the settlement officially.
A bankruptcy is a legal acknowledgment that a person or business cannot pay the debts it owes, and is therefore insolvent. As part of the bankruptcy process, the court determines how much of the debt the filer can and should pay according to law and testimony of the creditors. In a Chapter 11 bankruptcy, a company can opt for a reorganization plan, which sets up a predetermined schedule for paying off a portion of the debt while the business continues to operate; the debts that cannot be paid are discarded and the filer is considered absolved from those debts. No reorganization is required in a Chapter 7 bankruptcy, which involves liquidating assets to pay off debts and results in the company no longer doing business. In a Chapter 13 bankruptcy, the court reduces debt payments for an individual or company. That entity does not require more extensive reorganization and can continue to do business. About the Author: Patrick Cordero is a Miami-area attorney who focuses on bankruptcy law, standing out as the second largest bankruptcy filer in the United States. Patrick Cordero also assists clients with foreclosure defense, mortgage modification, and rebuilding credit.