Losing a home to foreclosure is extremely stressful for a homeowner who has worked so hard to make their mortgage payments for years. When an unexpected job loss or illness occurs and a person gets behind, they can quickly be threatened with foreclosure. If a homeowner feels they are drowning in debt, there is a solution that can help them overcome their debt and keep their home. The first step to getting debt help is meeting with the chapter 13 attorney in Keller, TX.
Chapter 13 may allow a homeowner to avoid foreclosure, as long as the process has not begun. If the mortgage holder begins threatening the homeowner, it is imperative the homeowner contacts the chapter 13 attorney in Keller, TX. With a free consultation appointment, homeowners who are in debt can learn more about their legal rights and which type of bankruptcy will be most effective.
When a person is approved for chapter 13 bankruptcy, their creditors can no longer harass them and they must stop trying to collect on the debt. An attorney will help their client draw up a restructured payment plan that takes into account the payments in arrears, their current payments, and the amount of income they have coming in. Once drawn up, this document is submitted to the court for approval. If the document is not approved, it will be modified until the judge accepts it.
Most people who apply for chapter 13 are given between two and five years to catch up on their debts and pay them off. In some cases, some types of debt can be discharged at the end of the period. All primary debts must be paid off or caught up by the end of the period and the payment agreement must be adhered to.
If you would like to learn more about your options for bankruptcy, now is the time to schedule a free consultation appointment. Visit the website for further information. If you would like to schedule an appointment, call right away. They are available to answer your call 24/7 so you can get the legal guidance you need to help you save your home.
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