Saving Your Home and Car

Our Dallas-Ft. Worth-Houston-Austin Attorneys Can Help

If you are being threatened with foreclosure or repossession, you should consider filing for bankruptcy. Many people are concerned that a bankruptcy might mean losing property - but in many cases, a bankruptcy can actually save a house or car from being lost.

The fate of your house and/or car during bankruptcy depends on your circumstances and the choices you make. It is vital to get a lawyer who can give you the right advice and then fight to make your wishes a reality.

Act Quickly

Our lawyers need about a week before the sale of your home to make sure you don't lose it. We can also often get your car back if you lost it recently. In general, there is no end of work we can do on your case, and it is vital to call for at least a consultation before things get out of hand.

Behind on House and Car Payments?

Chapter 13 bankruptcy is designed for people who make a sizable living but cannot keep up with their house or car payments or have considerable tax debt. You will have to contribute a portion of your paycheck toward your debts for 3-5 years. You can then eliminate debt interest-free.

Under a Chapter 13 wage earner's plan, you will not have to liquidate as many assets under a Chapter 13 as you do under a Chapter 7. Under Texas law, your house and a car for each adult of driving age is exempt, meaning you will keep them.

Current on House and Car Payments?

If you are current on your house and car payments, but have other overwhelming debts, you are better off with a Chapter 7. Chapter 7 bankruptcies are designed for people who simply do not make enough money to pay credit card bills, medical bills, or other expenses.

Some people who undergo a Chapter 7 have to sell off their house, car, or other assets to pay some of their debts. Once this is done, the debts are discharged, and then they can make a fresh start. But if you are current on your payments, you are much less likely to lose them.