Facing Foreclosure? Bankruptcy May Help!
If you are one of the thousands of Americans who received a “subprime” mortgage last year and are now facing a foreclosure, filing for bankruptcy may help you. Studies suggest that over 40% of new bankruptcy filings are for Chapter 13 in the wake of the “subprime crisis”.
Filing for Chapter 13 bankruptcy will halt the foreclosure proceedings immediately, but the earlier you file, the better off you will be. You can then work out a 3 to 5 year payment plan with all of your creditors, including your mortgage lender. Remember though, there are some qualification guidelines to file for Chapter 13:
- You must be able to repay your debts based on the agreed upon schedule
- Your secured debt must be less than $922,000
- Your unsecured debt must be less than $322,000
If you are want to try and keep your home by filing Chapter 13 bankruptcy, contact the offices of Allmand and Lee at (214) 265-0123 to discuss your options. They have helped other good people through bad times and they can do the same for you, too.