Refinancing After Bankruptcy Looking at the Available Options
People faced with bankruptcy feel as though it is the end of their lives Not many know that they can continue with their normal lives despite the circumstances There are mainly two chapters that individuals can file for a bankruptcy petition, chapter 7 and 13 Chapter 7 allows for the debtors property to be sold and the money gotten paid to the creditors who have proved that they have claim over the alleged property . .Chapter 13 requires that the debtor makes a repayment plan to the creditors and his property cannot be sold This means that the debtor has to continue working in order to pay off the debts It is important to know that refinancing after bankruptcy is not only possible but also easy It seems as the only option to deal with your mortgage One can borrow from specialized lenders in order to pay off the old mortgage and still retain the house When this is done under chapter 13, an automatic stay on the debtors home is granted . .When refinancing after insolvency one can employ chapter 7 after the mortgaged home has been refinanced In this case, the debtor will retain the house which is under chapter 13 of financial constraints and have any other property recouped and sold to cover the debt incurred The attorney handling the financial distress case against the debtor can offer a bailout for the debtor to allow the debtor to retain the property . .In cases where the debtor fails to make the monthly payments towards the mortgage company, the company may decide to go to court It is therefore quite important for the debtor to seek alternatives such as borrowing to save his home Refinancing after insolvency must be done through experts in the area .
Source: www.rsstnx.com
Don t Lose Your Home! Contact a Bankruptcy Attorney Today!
The decision to file bankruptcy is a serious decision but it is a decision that can give you a fresh start if there is no other way out. Bankruptcy is a legal way to discharge unsecured debt that can provide an overwhelmed debtor with a new beginning. It may be possible to keep your present home and your car after filing bankruptcy. A law firm such as the Malaise Law Firm, with attorneys skilled in San Antonio baenkruptcy law can help you decide if bankruptcy is the correct decision for your particular situation. If the decision is made to file bankruptcy, they will explain to you the pros and cons of the two types of bankruptcy available to individuals, Chapter 7 and Chapter 13. Chapter 7 is what most people usually think of as bankruptcy. In Chapter 7 bankruptcy, a debtor s non-exempt assets are liquidated or sold with the proceeds used to pay toward unsecured debts such as credit cards, loans, and medical bills. In the majority of bankruptcy cases people do not lose any property and the unsecured creditors get nothing. Several months after filing bankruptcy the unsecured debts are discharged and the creditors can never collect on the debt. A secured creditor may still enforce a lien to recover property secured by the lien. Chapter 13 is a debt reorganization or consolidation bankruptcy. If a debtor has regular monthly income, their debts including mortgage arrears, car payments, credit card bills, medical bills, loans, student loans, etc. are combined into one low monthly payment. Since the debtor is paying back their creditors through a repayment plan, the debtor does not risk losing their assets as they may under Chapter 7 bankruptcy laws. During the repayment plan creditors are prevented from contacting the debtor without first going through the debtor s bankruptcy attorney and the court. Millions of people declared bankruptcy in 2007 to get the fresh start they needed. Contrary to popular belief, your credit is not permanently damaged and it is still possible to get credit after filing bankruptcy. At the Malaise Law Firm, our San Antonio bankruptcy attorneys have over 40 years experience helping people file bankruptcy, with two board certified attorneys. We put our emphasis on helping our clients do what is in their best interest and our clients needs always come first. The Malaise Law Firm serves the residents of San Antonio, Houston, Dallas, Fort Worth, Corpus Christi, Harlingen, Brownsville, and McAllen, Texas with all of their legal needs including bankruptcy. If you would like to see what we can do to help you please contact The Malaise Law firm today at http://www.malaiselawfirm.com/contactus or call 1-800-BANKRUPT for immediate assistance. or call 1-800-BANKRUPT for immediate assistance.Tom Moss writes about <a href ="http://www.MalaiseLawFirm.com">Bankruptcy San Antonio</a> laws.
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