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Saving Your Home Through Bankruptcy

If you wish to keep your home, filing a chapter 13 bankruptcy is likely your best option. A chapter 13 bankruptcy allows you to develop a repayment plan that will spread out your debts over a three to five year period.

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Saving Your Home Through Bankruptcy

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  1. Saving Your Home through Bankruptcy • Alternatives to Foreclosure

  2. The Foreclosure Threat

  3. Over the past several years the U.S. Citizens have faced a number of financial difficulties, especially regarding home loans.

  4. Many Texans are facing the threat of foreclosure of their home.

  5. Bankruptcy may be a solution to both the immediate threat of home foreclosure and your overall financial problems.

  6. What Is Foreclosure?

  7. Homebuyers borrow money to purchase a home – mortgage loan The home is used as security for loan If the borrower defaults, the lender can foreclose on home used as security for the loan Legal process by which this is accomplished is known as foreclosure

  8. Texas Foreclosure

  9. MOST FORECLOSURES IN TEXAS ARE NON-JUDICIAL, • meaning the creditor does not have to go to court to obtain permission to foreclose on your home.

  10. This also means the process can be accomplished in much less time • than in other states.

  11. Texas Non-judicial Foreclosure Process

  12. Deficiency Judgements

  13. A borrower may still be indebted to the lender after the foreclosure sale if the amount of the property was auctioned for was not enough to pay the bank in full. The bank can then sue you and obtain a “deficiency judgment”.

  14. Even if you do not wish to retain your home, this may be a reason to consider bankruptcy – to obtain a discharge of that deficiency.

  15. Bankruptcy Automatic Stay

  16. The filing of bankruptcy case automatically stops all foreclosures – no court order is necessary to stop the foreclosure sale.

  17. The automatic stay is an automatic federal injunction • prohibiting all creditors from initiating, or continuing, any attempts to collect on a debt, including foreclosure.

  18. Keeping Your Home Through Chapter 13

  19. A chapter 13 bankruptcy allows you to stop your home for foreclosure and repay your missed payments and remaining creditors through a 3-5 year wage garnishment. a

  20. At the end of the plan, remaining debts may be discharged, or eliminated.

  21. How Chapter 7 Can Help File a Chapter 7 to save your home!

  22. File a Chapter 7 and obtain a loan modification reducing your interest, spreading the missed payments over the life of your loan and make your home much more affordable!

  23. A CHAPTER 7 BANKRUPTCY will discharge most of your remaining debts without the 3–5 year wage garnishment required by a Chapter 13!

  24. Life After Bankruptcy

  25. Debtors are often concerned about the ability to secure financing after bankruptcy.

  26. A debtor may qualify for an FHA or VA loan two years after discharge of a chapter 7 bankruptcy.

  27. Chapter 7 debtors can purchase new or used vehicles during or after their Chapter 7 filing.

  28. If you have been told that Chapter 13 is the only way to save your home, call us for a second opinion!!

  29. SAVE YOUR HOME FROM FORECLOSURE

  30. Click to visit: centraltexasbankruptcy.com Content provided by Best Legal Practices

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