Bankruptcy To Stop Foreclosure In Texas - FORECLOSURE FRAUD

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Bankruptcy To Stop Foreclosure In Texas

Bankruptcy To Stop Foreclosure In Texas

Filing for bankruptcy is one of the most used options by homeowners in Texas to stop foreclosure. Texas’s foreclosure process is swift, and homeowners are under pressure to act fast or risk losing their homes. Bankruptcy is one option that helps homeowners gain more time to get back on track with their mortgage payment. Although there are various chapters of bankruptcies, homeowners usually explore only two, namely: Chapter 13 bankruptcy and chapter 7 bankruptcy.

Both will effectively stop foreclosure; however, both would not save your home. Chapter 7 bankruptcy requires that you sell your properties, including your home, to pay back debts. With chapter 13 bankruptcy, you can keep your home as long as you are committed to paying back the loan. You should be well informed about both chapters of bankruptcies’ advantages and disadvantages before filing for any of them. You don’t want to assume anything, do thorough research, and consult your lawyer for information on both chapters.

An automatic stay order given by the court upon submitting your petition will put foreclosure to an immediate stop. Your lender’s act to gain their money back, which includes foreclosure, will be stopped immediately. And depending on the chapter of bankruptcy you filed, you can enjoy a relief period of over three months.

Chapter 7 bankruptcy will help you discharge most of your debts. Provided your property value has significantly decreased, and you are willing to let go of the house, filing for chapter 7 is the best option for you. It will save you from facing deficiency judgment later and help you get rid of most of your debts.

Chapter 13 bankruptcy is best for homeowners who still want to keep their homes. You will negotiate a new repayment plan, and your debt will be spread out for as long as five years. And depending on your debt, you can be down with as low as $100 per month payment.

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