Consumers find a debt-relief solution and protection by determining if they are eligible for Chapter 13 bankruptcy. This process offers both benefits and disadvantages. Both of which should be examined carefully before a final decision is made. If you need help to avoid the Foreclose Process in Kilgore TX today, you should contact your preferred attorney immediately.
Understanding Foreclosure and Your Rights
The Foreclose Process in Kilgore TX presents your lender with the ability to seize the property without your approval. According to the law, your lender has the right to initiate this process after ninety days of delinquent mortgage payments. Once your lender engages in this process, you have thirty days in most cases to comply. However, you have alternatives.
Is Chapter 13 Right for You?
To qualify for Chapter 13 bankruptcy, you must have an income that is higher than the average for households in the Kilgore area. Currently, this median is $43,787. To establish this requirement, you’ll present records for all sources of income. This includes alimony and child support. To establish your annual income, your attorney needs these records for at least the last six months.
After you’ve established your eligibility, the court stops the Foreclose Process in Kilgore TX by initiating an automatic stay. This prevents the lender from taking your property for the full duration of your case. The stay is valid for up to five years as outlined in your claim.
Settling Debts Quickly
In addition to this benefit, you receive a repayment plan which offers you more time to settle your debts. Another advantage is that most bankruptcy courts discharge unsecured debts such as credit card accounts. This reduces the impact of your debts and helps you gain better control over them. Ultimately, while this process has disadvantages, the biggest bonus is that once completed, you can become debt-free.
The Foreclose Process in Kilgore TX is scary for all consumers. It implies that you could lose your home and eliminate the possibility of acquiring a new property for up to ten years. If you opt to file for bankruptcy, you could acquire incredible benefits, including protection against your lender. If you wish to review these opportunities, you should contact an attorney immediately.
