Are you struggling with debt payments that have ballooned out of control? Have you fallen behind on your mortgage payments? Filing bankruptcy might be the answer you are looking for. Filing a chapter 13 bankruptcy petition will immediately stop any and all foreclosure proceedings. DeMarco•Mitchell, PLLC, has over 40 years of experience with helping people stop foreclosure, save their homes and eliminate their debt.
We have successfully prevented hundreds of homes from being foreclosed upon throughout North Texas (including Dallas, Plano, McKinney and Denton). Give our experienced bankruptcy attorneys the opportunity to help you save your home. When a Chapter 13 bankruptcy petition is filed an automatic stay is imposed upon all of your creditors — including your mortgage lender. This automatic stay orders the mortgage lender to immediately stop any pending foreclosure. This gives you the opportunity to propose a plan to get current with your mortgage lender.
Typically, this plan allows you to repay the past due amount owed to the mortgage lender over a 3 to 5 year period. Once your Chapter 13 bankruptcy case is filed, you will again begin making your regular mortgage payment. Typically, you will make these payments directly to your mortgage lender. The monthly payment to cure the arrears is paid to your Chapter 13 bankruptcy trustee as part of your Chapter 13 plan payment.
As we stated above, in Texas, you will have the opportunity to pay those arrears over the life of your Chapter 13 plan, which is anywhere from 36 to 60 months. For example, if your arrears are $6,000.00 and your plan term is 5 years, you will pay about $100.00 per month for 60 months to get current on your mortgage.
When should I Hire an Attorney? Sooner is always better than later. You gain nothing by waiting or procrastinating. Most bankruptcy attorneys and law firms, including DeMarco•Mitchell, PLLC, offer free initial consultations. If your home is in foreclosure or you are several months past due on your mortgage payments, you should consult an attorney immediately. Waiting only increases your anxiety as well as the cost of saving your home.