Law Offices of David Enos
500 S. Taylor Suite 720 Amarillo, Texas 79101
© 2016 Law Office of David Enos. All rights Reserved.
Bankruptcy Attorney Can Stop Foreclosure
CHAPTER 13 BANKRUPTCY AS A FORECLOSURE DEFENSE
Buying a home is no small thing. It takes a lot of work to save enough for a down payment and afford the payments for 10, 20 or even 30 years. In these uncertain financial times, it is common to find yourself in a position in which the expenses of the basic necessities of life take precedent and your home is suddenly the subject of a foreclosure proceeding. It would be a tragedy to lose your home to foreclosure, especially if it can be prevented. Chapter 13 bankruptcy – and to a lesser degree, Chapter 7 bankruptcy – can afford you an opportunity to save your home and repair your financial situation for the future.
If you are under water in your mortgage, you can use Chapter 13 to erase or lien-strip a second mortgage you have on the property while modifying the first mortgage in order to lower your payments. Chapter 13 can allow you to avoid foreclosure, keep your house and put any arrears into a payment plan while also restructuring your other debt to ease your overall financial hardship.
CHAPTER 13 BANKRUPTCY MAY BE YOUR BEST OPTION
You could allow the foreclosure to happen or you could just walk away and rent. But these options are very shortsighted. Gone are the days of getting a home with no down payment, and renting is more expensive than ever. And if your property has lost a lot of value recently – and who’s hasn’t? - you may still be responsible for the deficiency that you owe on the house even if you walk away.
In short, it is to your benefit to explore your foreclosure avoidance options. You have nothing to lose and everything to gain. Call David Enos – we can help you learn more about life after bankruptcy. We think you might like what you hear.
If you are considering filing for bankruptcy, please contact the Law Offices of David Enos for a free consultation with an Amarillo bankruptcy lawyer today (806)372-7307.
Information on this website is based on general principles of law. They may not apply to your situation. Nothing in this article constitutes legal advice and no reliance should be placed on the legal principles set forth in this website. This is why you should personally consult with attorney David Enos about your case.
THE TRUE COSTS OF PUTTING OFF YOUR BANKRUPTCY
Oftentimes, one of our clients’ biggest concerns is the cost of retaining a lawyer and the fees associated with filing. A thousand dollars to file, they reason, is not small potatoes. In fact, if they had that kind of money, they tell us, they wouldn’t need to file at all. READ MORE.
CAN I LOSE MY JOB IF I FILE A CHAPTER 7 OR CHAPTER 13 PERSONAL BANKRUPTCY?
If you’re asking yourself this question, the short answer is NO, but more on that in a moment…
STUDENT LOANS ARE NEARLY IMPOSSIBLE TO DISCHARGE IN A CHAPTER 7 BANKRUPTCY
Most bankruptcy FAQs will tell you that Student Loans are not dischargeable. While this is good advice – and very likely your loans are not dischargeable, this is not technically true. The Federal bankruptcy laws do allow for relief from Student Loans. Called the “undue hardship” standard, section 523(a)(8) is usually applied very narrowly by the courts, making it... READ MORE.
HIDING ASSETS FROM THE BANKRUPTCY TRUSTEE IS A BAD IDEA
You’re going to end up eating the value of your prized coin collection, so why would you want to eat it with a side order of Bankruptcy Fraud? It’s pretty important to be as truthful as possible when listing your assets in your bankruptcy schedules. The court – and your attorney - does not look kindly on attempts to conceal your assets to avoid having them liquidated.