1-281-DIVORCE (348-6723)


1-281-DIVORCE (348-6723)

Stuck in Foreclosure? We Can Help!

Stuck in Foreclosure? We Can Help!

If you are facing foreclosure, you are not alone. Many Americans find themselves in financial difficulty and in danger of foreclosure. In fact, foreclosure rates continue to climb in many metropolitan areas across the country. If you are facing foreclosure of your home, the leading Houston consumer law firm of Busby & Associates can help.

3 Ways to Stop Foreclosure

Foreclosure may be stopped in three ways: 1) by filing Chapter 7 bankruptcy; 2) by filing Chapter 13 bankruptcy; and 3) by agreement with the mortgage company that it will not collect payments while your debts are paid off but this is usually not allowed after your property is posted for foreclosure.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy, sometimes call a straight bankruptcy, is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick “fresh start”.

Under a Chapter 7 bankruptcy, the debtor does not have to pay most unsecured debts but there are some exceptions, including child support, alimony, and taxes. An individual can file Chapter 7 again if it has been more than 8 years since he or she was discharged from the previous Chapter 7 bankruptcy.

Chapter 13 Bankruptcy

In a Chapter 13 or “wage earner’s” plan, a debtor may have up to 60 months to pay all or part of his debts, including mortgage and charge cards. A Chapter 13 bankruptcy is also known as a repayment or reorganization bankruptcy. Usually no property is lost, but this depends on individual circumstances. In order to keep your home, you must keep your regular mortgage payments current beginning the next installment date after the filing of your Chapter 13 Petition. Your plan will provide for payments of all past-due monthly installments due before the filing date.

This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep. It is also an option for individuals who have predictable income and whose income is sufficient to pay their reasonable expenses with some amount left over to pay off their debts.

Reasons for Filing Bankruptcy

There are several reasons why people file bankruptcy. These include unemployment, marital problems, high medical expenses, overextended credit, and other large unexpected expenses.

Federal Bankruptcy Law

Federal bankruptcy law provides a means of relief for people in crisis. You can save your house and your car while holding off the I.R.S. You can protect yourself from lawsuits. You can take control of your credit card debt on a payment schedule that you can afford. And your creditors have to abide by the court’s ruling because it’s federal law. One of the main purposes of bankruptcy law is to give the debtor, who is hopelessly burdened with debt, a fresh start by wiping out his or her debts. The debtor’s debt is erased when he or she is discharged.

Your spouse will not be affected by your bankruptcy if he or she is not responsible for any of your debt. However, in community property states like Texas, either spouse can contract for a debt without the other spouse’s signature. A major exception to this rule is that the signatures of both spouses are required on a contract for the sale or purchase of real estate.

The federal bankruptcy law can help you resume your normal life under a court-supervised plan set up so you can afford to meet your financial obligations. Your problems can continue even after foreclosure if you fail to get help! If you merely walk away from your foreclosed home, you may still be liable for taxes if the mortgage holder sells your property for less than is owed on it. Also, the mortgage holder can file a deficiency judgement against you to make up the loss. But protection is available if you act immediately!

Keep Your Property

Depending on the plan chosen, you may be able to:

  • Keep your house – They can’t foreclose even if you’re behind.
  • Keep your car – They can’t repossess it.
  • Erase debts owed to the Internal Revenue Service – They can’t seize assets. Even some income taxes can be completely wiped out.
  • Erase credit card debts – They have to take what you can afford to pay.

Busby & Associates, Attorneys & Counselors at Law, P.C., is a full-service consumer law firm that provides assistance in filing bankruptcy, credit repair, and debt consolidation. We represent clients in Harris and the following surrounding counties: Austin, Brazoria, Brazos, Chambers, Colorado, Fayette, Fort Bend, Galveston, Grimes, Madison, Matagorda, Montgomery, San Jacinto, Walker, Waller, and Wharton.

We can help you beat the deadline and protect your property. Call us now at (713) 974-1151 and let us reassure you. Don’t be a victim whose failure to act causes lasting regret. Let the federal law work to help you.

Houston foreclosure lawyer, Baytown foreclosure lawyer ,  Bellaire foreclosure lawyer,  Bunker Hill Village foreclosure lawyer , Deer Park foreclosure lawyer ,  El Lago foreclosure lawyer, Friendswood foreclosure lawyer, Galena Park foreclosure lawyer , Hedwig Village foreclosure lawyer , Hilshire Village foreclosure lawyer , Humble foreclosure lawyer , Hunters Creek Village foreclosure lawyer , Jacinto City foreclosure lawyer ,  Jersey Village foreclosure lawyer, Katy foreclosure lawyer,  La Porte foreclosure lawyer, League City foreclosure lawyer , Missouri City foreclosure lawyer , Morgan’s Point foreclosure lawyer, Nassau Bay foreclosure lawyer,  Pasadena foreclosure lawyer,  Pearland foreclosure lawyer, Piney Point Village foreclosure lawyer,  Seabrook, Shoreacres foreclosure lawyer , South Houston foreclosure lawyer,  Southside Place foreclosure lawyer , Spring foreclosure lawyer ,  Spring Valley Village foreclosure lawyer,  Stafford foreclosure lawyer , Taylor Lake Village foreclosure lawyer , Tomball foreclosure lawyer, Waller foreclosure lawyer, Webster foreclosure lawyer, West University Place foreclosure lawyer,  Aldine foreclosure lawyer, Atascocita foreclosure lawyer, Barrett foreclosure lawyer, Channelview foreclosure lawyer , Cinco Ranch foreclosure lawyer, Cloverleaf foreclosure lawyer, Crosby foreclosure lawyer ,  Highlands foreclosure lawyer , Mission Bend foreclosure lawyer , Sheldon foreclosure lawyer, Spring foreclosure lawyer, Alief foreclosure lawyer, Airline foreclosure lawyer,  Bammel foreclosure lawyer, Barker foreclosure lawyer, Beaumont Place foreclosure lawyer , Bridgeland foreclosure lawyer , Cedar Bayou foreclosure lawyer, Champions Forest foreclosure lawyer, Coady foreclosure lawyer, Cypress foreclosure lawyer , Dyersdale foreclosure lawyer, East Aldine foreclosure lawyer, Fall Creek foreclosure lawyer, Hockley foreclosure lawyer , Hufsmith foreclosure lawyer, Kingwood foreclosure lawyer, Klein foreclosure lawyer , Kleinbrook foreclosure lawyer, Kohrville foreclosure lawyer, Louetta foreclosure lawyer, Lynchburg foreclosure lawyer , Northcliffe Manor foreclosure lawyer, Northcliffe foreclosure lawyer , North Houston foreclosure lawyer , Northgate Forest foreclosure lawyer , Remington Ranch foreclosure lawyer, Rose Hill foreclosure lawyer, Satsuma foreclosure lawyer, Westfield foreclosure lawyer, The Woodlands foreclosure lawyer


Bookmark Options:
del.icio.us bookmark
Y!MyWeb bookmark

xml | Add to My Yahoo! | Subscribe | Add to Google | Add to My AOL