Facing a Mortgage Foreclosure in Dallas or the Dallas/Ft. Worth Metro Area?
People who fall behind on mortgage payments may face foreclosure, which occurs when your lender repossesses or takes your home from you. This experience can be devastating to a family, but bankruptcy postpones foreclosure and in some cases, you can keep your house.
Bankruptcy creates something called an automatic stay, or Order of Relief. This legal ruling halts creditors from collecting, and puts a stop to any pending foreclosures. This stay is good from three to four months, and provide you with the time necessary to solve your financial problems.
In Chapter 7 bankruptcy, you may still lose your house, but you will be able to live in your home during the stay period while you file for bankruptcy and organize your finances. Chapter 13 bankruptcy allows you to pay off your debts over an extended period of time (unlike Chapter 7 in which debts are forgiven) and affords you a greater opportunity to keep your home.
To learn more about how bankruptcy could influence your pending foreclosure, contact Engel Law Firm, P.S. as soon as possible. Having an experienced team of Dallas bankruptcy attorneys on your side can be a great benefit to you; it could mean the difference between keeping your home or losing it to the bank.
The legal team at Engel Law Firm is detail-focused and determined. We work for you. The complicated ins and outs of bankruptcy law require experienced counsel, and that’s what we provide.
Act now to find out how filing for bankruptcy could help you keep your home. Contact a Dallas mortgage foreclosure attorney to put an experienced legal time on your side.