Article provided by: Allen Stewart
At Allen Stewart P.C. we are Dallas bankruptcy attorneys who like to think that the debt relief services that our law office provides make a difference in the lives of our Dallas neighbors who need a fresh financial start. Bankruptcy is your right, and it has lots of benefits as well. Why not use it if you need it?
We're Here to Help
Everybody hits bumps in the road eventually. Whether it's a loss of income, reduction in wages, emergency medical expenses, or anything else; there comes in a time in most people's lives when they will need help financially. When these things happen, people end up falling behind on payments and incur more debt. At Allen Stewart P.C., we talk to people every day who fall behind on credit card payments, house payments, car payments, etc.
We help people every day to get out of or manage credit card debt. We can help them eliminate it altogether or greatly reduce it. We help people protect their homes, forcing mortgage companies into payment plans on the back payments on their house. We help people stop repossessions and reestablish their credit. When you hit that bump in the road financially, that's where the bankruptcy laws come into play, and having a competent and experienced Dallas bankruptcy attorney in your corner can make a world of difference.
It's all about understanding your options with respect to bankruptcy and putting yourself in a better position so you get over that bump in the road and see the light and the end of the tunnel. If you are having a tough time financially right now or struggling with debt, we invite you to contact Allen Stewart P.C. today. We can help you get the fresh start you need!
Can Bankruptcy Help with Foreclosure?
Yes. However, it's not just a matter of bankruptcy. It depends on which type of bankruptcy you file. Both Chapter 7 and Chapter 13 will provide you with the automatic stay protection that will prevent your creditors from executing against your house or any of your property until they get permission from the bankruptcy court.
If your goal is to simply to stop the foreclosure to buy your family additional time, then you may want to look into a Chapter 7. Chapter 7 bankruptcy is known as "Fresh Start" bankruptcy. It can eliminate all of your unsecured debt and all of the secured debt that you choose to surrender back to the lender.
If you have the ability to refinance your home, and you're simply trying to buy time to finalize the closing, Chapter 7 may also be a viable option, as you will have the ability to reaffirm the debt or to pay it off while you are in the Chapter 7 procedure.
In addition to utilizing Chapter 7 and Chapter 13, there are many bankruptcy alternatives that might actually be better for you. Some alternatives to bankruptcy include:
- Out-of-court settlements with creditors
- Reduction of payments to creditors
- Attaining help from consumer credit counseling services
- Payments of debts by selling or borrowing on property
However, these alternatives require some cooperation from creditors and are more likely to succeed if tried soon after a financial difficulty arises.