Teague, TX Bankruptcy Law Firms & Lawyers

Without knowing more about you and your situation it's difficult to say which chapter of bankruptcy is appropriate or even if it is possible to prevent the foreclosure with bankruptcy. Most bankruptcy attorneys offer free consultations. Be prepared to answer questions such as: how much income does the household earn, how much does the household need to spend on living expenses, what types and how much debt you have, past due amounts on any your mortgage(s), what types of assets you have. The devil is in the details. Talking to a bankruptcy attorney can help you formulate a plan.

You need to sit down with your attorney or a attorney to review the petition that was filed, the proofs of claims that have been filed and your current income to see if you can modify the plan payment. If this is not possible and you stop making your payments the mortgage company can file a Motion for Relief to get the house out of BK and foreclose on it. I would work on a game plan to keep you in the house as long as possible at this point. But it looks like retaining the home is not possible if you cannot afford the mortgage payments.

When you pay off your mortgage, assuming that no other creditor had a lien on your property, it will be truly yours. Most bankruptcy attorneys agree that there is no good reason to ever reaffirm on a home mortgage and indeed many mortgage lenders have stopped trying to persuade bankruptcy debtors to do this.