06/28/2023
Can bankruptcy stop the foreclosure and help me save my home? - Yes it can!
Put Years of Experience in Your Corner- Call Littlefield Law Firm Now!
If you are a homeowner that is considering filing for bankruptcy, you may be concerned about the possibility of losing your home. Keeping your home in bankruptcy is simple. Make your mortgage payments and keep your home. This is just the way it was before you filed. You might be wondering if your equity will be protected and the answer is yes! If you have $20,000 of equity or $1,000,000 in equity, Texas homestead exemption can protect it all!
Homeownership stands as the quintessence of the American Dream for numerous individuals. Consequently, diligent families in the Dallas Fort-Worth area have dedicated their relentless efforts, perseverance, and emotional investment to transform this dream into a tangible reality. However, despite their extensive endeavors to accomplish their aspirations, countless families in Texas face the imminent risk of losing their homes to foreclosure.
Foreclosure Prevention in Texas
The Texas Chapter 13 bankruptcy procedure has the ability to halt foreclosure proceedings. Once your attorney submits a petition, the court will issue an automatic stay that compels your creditors to immediately cease all collection activities. Consequently, a lender cannot proceed with foreclosure, and if they have already initiated the process, they must discontinue it.
Aside from providing temporary foreclosure prevention through the automatic stay, Chapter 13 can reduce your debt and restructure it into a repayment plan spanning 3 to 5 years.
Although you will still be responsible for your mortgage payments, Chapter 13 generally eliminates approximately 90% of your other debts, enabling you to afford your mortgage.
What are the Benefits of Declaring Bankruptcy?
• Stay the foreclosure on your home, STOP FORECLOSURE INSTANTLY;
• Give you time to work with your lender on a home loan modification;
• Give you a chance to catch up the missed mortgage payments;
• Possibly eliminate second mortgages and equity lines of credit;
• Protect any equity you have in your home.
Bankruptcy will also eliminate most if not all your unsecured debt, like credit cards and medical bills. By eliminating your unsecured debt, second mortgage and other obligations your mortgage loan will become much more affordable for you.
Asset Protection in Texas
Financial difficulties can become increasingly unbearable and result in legal actions such as foreclosure, repossession and wage garnishment. If you are looking for a debt solution, Littlefield Law Firm can explain the bankruptcy process, as well as its advantages and disadvantages.
Bankruptcy typically does not include a liquidation of any asset. The Texas or Federal Exemptions laws allow most people to keep all of their property. Bankruptcy protects your assets from your creditors.
What Can Bankruptcy Prevent?
• Foreclosure of your home
• Repossession of your car
• Seizure of your assets by the sheriff
• Judgments and executions
• Attachments and liens on your home or other real property
• Wage garnishment
• Creditor harassment, phone calls and collection letters
• Lawsuits and other legal action
Our firm will provide whatever legal help is needed to get you out of debt and back on the road to financial prosperity. We care about the welfare of our clients, and will provide whatever legal support is needed before, during and after your bankruptcy petition has been filed.
