Bankruptcy Counsel McKinney TX – Mortgage Foreclosures, Repossessions |
Attorney Veronica Deaver
Is Mortgage Foreclosure in Your Future?
If you are behind on your mortgage payment or have received a notice that your home is or may be set for foreclosure, do not wait a moment longer if you want to save your house. Contact The Law Office of Veronica Deaver today to arrange a free confidential consultation. I have helped thousands of people just like you avoid foreclosure.
Since there is absolutely no charge for your first consultation with us, it is pointless to wait. Come see us immediately so that we can explain your alternatives and you can then choose the option that is best for you. If you wait too long, it will be too late to stop the foreclosure or to stop the repossession.
Chapter 13 bankruptcy is often the best option for homeowners who are behind on their mortgages. If you file bankruptcy before the foreclosure, you can save your home. You will have five years to get caught up on the back mortgage payments. For example, if you are behind $5,000 on your house and you cannot afford to get caught up in one payment, then a Chapter 13 will give you the opportunity to pay that $5,000 back over 60 months at somewhere around $115 a month.
Take action now to seek the fresh start you deserve by calling 214-282-5024 for a free consultation with an experienced bankruptcy attorney.
Bankruptcy Law and Car Repossession
If your vehicle gets repossessed in North Texas, it is critical to take action immediately.
If you are behind on the car and facing a repo, then a Chapter 13 will give you the chance to pay back the arrears over a 5 year period rather than having to come up with the money all at once. If you purchased or refinanced the vehicle over 2 ½ years ago, then you can pay the amount owed over a 5 year period.
Can I keep my home and vehicle?
When a consumer files for Bankruptcy in the state of Texas, an automatic stay goes into effect. This is equivalent to a stop sign which temporarily stops a lender’s ability to pursue collection on the debt that you owe. For a home owner facing a foreclosure in TX, this forces the lender holding the mortgage on your home to stop the foreclosure sale.
Meaning the filing of a Chapter 13 or Chapter 7 can prevent a foreclosure sale from taking place as long as the petition is filed before the actual foreclosure sale.
Can I stop a foreclosure by filing for a Chapter 7 bankruptcy in TX?
Chapter 7 bankruptcy is different from a Chapter 13 in that Chapter 7 has no mechanism to pay back mortgage arrearage claims (there is no payback in Chapter 7). Thus, Chapter 7 is most of the time a delay mechanism for the homeowner who wishes to stay in the home longer and needs more to plan for a future move-out date.
A Chapter 7 Bankruptcy also has the benefits of the automatic stay. Thus, the lender will be forced to stop the foreclosure sale so long as they have actual notice of the bankruptcy filing before the foreclosure takes place.