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Foreclosure is a frightening word that has seen plenty of media play in the midst of our current economic slow down, and is a tool used by lenders (usually banks) to recover the unpaid value of a mortgage when the borrower falls behind on mortgage payments by selling the home at auction. Home ownership is of extremely high value to many people, and when personal debt combined with your mortgage payment becomes too much for you to handle, the results can be disastrous.
For some people, bankruptcy may offer a temporary or even long term solution to prevent foreclosure against your home. While this option is only viable for applicants who are in true dire straits, for those eligible it can be an excellent way to delay or avoid foreclosure altogether.
Chapter 13 bankruptcy is not an erasure of debt such as one might see in Chapter 7 proceedings, but rather a legal restructuring of existing unsecured debt. For this reason, Chapter 13 may be an ideal solution if you have access to steady income sufficient to cover your mortgage, but not enough to simultaneously pay your other outstanding debts. Chapter 13 can save your house through the following steps:
The process of arranging a Chapter 13 bankruptcy can be complex, and the stakes are too high to leave anything to chance. Call the experienced and knowledgeable Houston bankruptcy lawyers at the Law Office of Russel Van Beustring, P.C. today at 713-973-6650 to learn more about how a skilled attorney can help you save your home from foreclosure.