February 24, 2020 By:
Chapter 13 usually offers a better way to address real property obligations, particularly if you want to keep your home. In Chapter 13, you have the opportunity to establish new arrangementsto make certain mortgage and property tax payments over a three-to-five year period. From the moment you file for bankruptcy, until the full Chapter 13 period is over, you’ll have the protection of the automatic stay, which prohibits creditors from calling, writing, or otherwise seeking to recover debts other than through the bankruptcy proceeding.
While five years may not be a sufficient time to pay off your mortgage in full, a Chapter 13 proceeding can help you eliminate other debts, leaving you with more disposable income. In addition, if you honor your payment commitment with respect to the mortgage for the full five-year period, there’s a good chance that, once the bankruptcy is done, your lender will work with you to set up a new payment arrangement you can keep.
At the Law Offices of Carrie Weir, I offer a free initial consultation to all potential bankruptcy clients. Send me an e-mail or call my office at 972-772-3083 for a private meeting. I work with individuals throughout Rockwall County, Texas, including the cities of Rockwall, Heath, Greenville, Lavon, Wylie, Mesquite, and Rowlett.