At Price & Price Law Firm, stopping foreclosures in Dallas, Texas, is one of our specialties. If you have gotten a foreclosure letter from your mortgage company, you may be able to file a chapter 13 bankruptcy to stop a foreclosure. Right about now you are wondering, "Ok, what does that mean?" In order to file a chapter 13 bankruptcy, you have to: 1. Qualify; 2. File before the sale date; and, 3. Be able to pay the plan payment, which includes your monthly mortgage payment.
How Do I Qualify To File Chapter 13 Bankruptcy?
You can file a chapter 13 bankruptcy if you are not barred from filing bankruptcy by a bankruptcy court, your debts are below the debt limits, (secured debts less than $1,184,200 and unsecured debts less than $394,725), and you have regular income.
File Chapter 13 Bankruptcy Before the Sale Date
The State of Texas has made it easy to figure out when the foreclosure sale will take place, which is always on the first Tuesday of each month. As long as we file your chapter 13 bankruptcy case before the foreclosure sale date, we can stop the foreclosure. There are some steps we have to take to get your case filed, so don't wait until the last minute to call us. You should have received a certified letter, typically from a law firm representing your mortgage company, stating when the sale date is. If you did not receive a letter, and you are behind on your house payments, don't stick your head in the sand. Call us at 214-974-3390 and set up an appointment for a free consultation.
Enough Income to Pay The Chapter 13 Plan Payment, Which Includes My Monthly Mortgage Payment
This condition has a lot of parts, so let's break it down to make it easier to understand. First of all, for those who live in Dallas County, Ellis County, Rockwall County, Kaufman County, Navarro County, Hunt County, or Tarrant County, the chapter 13 Trustee pays your monthly mortgage payment for you while you are in the chapter 13 bankruptcy.
Second, your chapter 13 plan payment will include a portion to pay the amount that you are behind to your mortgage company, your regular mortgage payment, attorney's fees, and other debts that are beyond the scope of this article.
Third, some people ask me, “Okay, I understand what the plan payment includes and that I have to be able to pay it, what if I can’t?” Chapter 13 bankruptcy is designed to stop a foreclosure if the above conditions are true, but it is not able to help you if you do not have the income or other sources of revenue to pay your chapter 13 plan payment going forward.
Filing a chapter 13 bankruptcy to stop a foreclosure, and being successful can be very complicated. That is why it is so important that you hire a specialist to guide you through this process. Call us at 214-974-3390 to set up an appointment.
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