Houston Attorneys Assisting Texas Homeowners in Stopping Foreclosures
Over the last five years, the bankruptcy rate in the United States has soared. And while Texas does not lead the nation, the local economy has been hit hard by this unfortunate financial trend. For a hardworking family, the loss of their home through foreclosure is the equivalent of financial ruin-but there is still hope. If you are a Texas resident, and your home is in foreclosure proceedings or you know that foreclosure proceedings are imminent, the bankruptcy and foreclosure attorneys at Alva Wesley-Thomas & Associates, P.C., are able to help.
Houston, TX Attorneys Protecting Homeowners
When you file for bankruptcy in the State of Texas, an automatic stay goes into effect. This immediately stops all collection actions against you, including foreclosure proceedings. Although the bank or mortgager can still file a motion to lift the stay through the Texas courts, when there is very little time left in foreclosure proceedings, the automatic stay can provide the temporary relief that you need to get a handle on your finances. Make an appointment to consult with an Alva Wesley-Thomas & Associates, P.C. bankruptcy attorney and learn about your options.
Chapter 13 and Foreclosure
Under Chapter 13, you submit a payment plan to the Texas bankruptcy courts. If your home is in foreclosure, it means that you’ve missed a few payments. Under Chapter 13 it’s often possible to roll these back payments into your new payment plan. As long as you stay current with your plan, you should be able to keep your home. The Houston bankruptcy attorneys at Adair & Myers often recommend this type of bankruptcy to their clients who have a source of income, but aren’t able to meet their current financial obligations.
The advantage of Chapter 7 bankruptcies is that most of your personal liability to repay your debt is wiped out, although some of your assets can still be touched. In Texas, your home is generally exempt from the bankruptcy proceedings. However, once the automatic stay is lifted, your mortgage lender can resume their foreclosure action on the property. If you want to keep your home, you will have to come to some sort of arrangement with your mortgager. Oftentimes, with their other debts lifted, our clients find it easier to make the back payments and bring their mortgage current.
Houston Bankruptcy and Foreclosure Attorneys
Your home may be your biggest investment, but it’s also the place that you and your family live. If you are behind on your mortgage payments or already in foreclosure, you need to take immediate steps. Contact the Houston, TX law office of Alva Wesley-Thomas & Associates, P.C.,.
To schedule a consultation with one of our attorneys, contact us at (713) 278-0800.