Stop Repossession & Foreclosures
Houston Attorney: Stop Foreclosure and Repossession by Filing Bankruptcy
Filing bankruptcy enables you to stop repossessions and foreclosures. At the Law Office of Margaret Maxwell McClure in Houston, Texas, I am experienced in filing emergency bankruptcy cases to protect your important assets and give you a chance to catch up with your payments.
I always encourage my clients to negotiate with lenders before falling behind on payments. Many banks are willing to work with debtors and will give you time to get caught up on your loan. I offer a free initial consultation to assess your financial situation and explain your options.
If you are significantly behind on your payments, you should file Chapter 13 or Chapter 11 bankruptcy if you want to keep the assets. While filing Chapter 7 bankruptcy will stop a foreclosure or repossession, you would have to become current on your payments right away if you want to keep your property.
Stop repossessions by filing bankruptcy
Some items often repossessed by lenders include vehicles and tools. In both cases, the repossession can be devastating on the owner. Without tools, you may be prevented from earning a living. Without a car, you may have no way of getting to work.
Even if the item has already been repossessed, you can get it back if the lender has not yet sold it. In Texas, you are still the owner of the item if it has not been sold. Obviously, you need to act quickly to stop the lender from selling the item.
Stop foreclosures by filing bankruptcy
In Texas, banks do foreclosures the first Tuesday of every month. As your lawyer, I can stop a foreclosure by filing bankruptcy as late as the Monday preceding that Tuesday. However, its always best to seek a lawyer’s advice as soon as you know you are in serious financial trouble. That will give you more time to explore your options.