Will A Bankruptcy Save My Home?

: Reese Baker & Associates

  Filed under: Filing bankruptcy, Foreclosure

home, foreclosure, court, bankruptcy attorney houston, texas bankruptcy lawyers, attorney, lawyer, attorneys, lawyers, College Station, Bryan, Houston, Texas, TX, lawyers in houston, bankruptcy attorney,When individuals run into really serious financial problems one of the biggest fears they have is losing their home. They automatically assume that if they are going into a bankruptcy that they will most definitely lose their residence. This is not necessarily the case and before making any decisions regarding your bankruptcy you really should speak to a qualified bankruptcy attorney.

Either the Chapter 13 bankruptcy or the Chapter 7 bankruptcy may be able to help you save your home. As soon as you file for bankruptcy there will be an automatic stay put in place that will stop any foreclosure proceedings that may be taking place. This is not a long term solution and will only last for a few months until your bankruptcy has been sorted out.

If you go into a Chapter 13 bankruptcy there will be a payment plan set up for all of your debts that qualify under this bankruptcy where you will make repayments. This includes the arrears on your mortgage that you are behind on that led to the possibility of foreclosure.

If you don’t qualify for the Chapter 13 and the Chapter 7 bankruptcy is going to be the bankruptcy that is going to serve you, then the loss of your home has to be dealt with differently. First thing you want to do before you even file for your bankruptcy is discuss the situation with your bankruptcy attorney to see if your house is going to be protected. If it turns out that your house will be protected then this expert, during the course of your bankruptcy action, is going to ensure that your house is not at risk.

In some cases, a Chapter 13 bankruptcy may even be able to eliminate your second mortgage where it doesn’t have to be paid for. How your home is treated in either one of these bankruptcies can be complex and this is why you don’t want to attempt going to through this sort of debt relief on your own.