Texans work very hard, often for many years, to save enough money to acquire a home. When they finally are able to acquire their home, they have great dreams of raising their families and living a prosperous and happy life within that special dwelling. Unfortunately, many Texans have been hit hard by the recession and they have not been able to make their mortgage payments. When the monthly mortgage payments are not paid, the lender has the legal right to reclaim their property in a foreclosure proceeding. The Fears Nachawati bankruptcy law firm offers a complimentary consultation to individuals who are facing foreclosure proceedings. Call us at 866-259-3002 to schedule your free case review.
Chapter 7 and Chapter 13 Bankruptcy Filing Halts Foreclosure Actions:
If you are facing a foreclosure proceeding, help is available in the form of a Chapter 7 or Chapter 13 bankruptcy filing. When you file for bankruptcy, the court issues an automatic stay. While this stay is in effect, creditors are prevented from pursuing foreclosure actions.
- The Chapter 13 bankruptcy gives you three to five years to take care of your back mortgage payments.
- The Chapter 13 bankruptcy is well suited for individuals who have a steady income.
- The Chapter 7 bankruptcy can discharge unsecured debt within four to six months.
- Ask your attorney for specific information and details.
The Texas Homestead Exemption:
By filing for a Chapter 7 bankruptcy, you may take advantage of the Texas homestead exemption. This protects your home from the foreclosure actions of creditors.
- If in a town, city or village, the property may not exceed 10 acres.
- If your property is in a rural area outside of a town, city or village, up to 100 acres is exempt.
- If your family resides in the home, up to 200 acres is exempt.
- In addition to your homestead, other property is protected, including one vehicle per family member, home furnishings, jewelry (limited to 25% of total), animals, and other items – ask your attorney.
Free Consultation with an Austin Bankruptcy Attorney to Stop Foreclosures:
The Fears Nachawati Law Firm specializes in helping people who are experiencing financial difficulties. They generously offer a complimentary consultation in which you will be given the opportunity to discuss your financial situation with a qualified, licensed Texas attorney. Your attorney will listen carefully and compassionately, without judging you whatsoever. Once he has a good idea of your particular situation, he will discuss the legal options that are available to you, which may or may not include one or more forms of bankruptcy. It is then up to you to take the next step if you wish to proceed. To schedule your free, confidential case review, call our Austin office at 866-259-3002. You may choose to come to our office or to have your consultation over the phone.