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How Chapter 13 Can Help You Prevent Eviction And Foreclosure

Sometimes, our finances and debts get out of hand and reach a point beyond what we can handle. This could happen to hardworking citizens worried about their future credit opportunities. In addition, the COVID-19 pandemic has also posed unique challenges to the national economy that might be affecting you or a loved one.

If you are facing difficulties in covering your mortgage or rental payments, you have options to remediate your debt and avoid eviction or mortgage foreclosure. At William H. Lively, Jr. WHL, PLLC, in Tyler, Texas, we are aware of the impact of bankruptcy on an individual’s lifestyle and financial health. Therefore, we commit to working closely with our clients to evaluate and analyze their options to reduce their debts.

The Moratorium On Evictions Has Expired, But You Have Options

The moratorium on evictions expired as of August 26, 2021. This resource protected debtors impacted by the pandemic, thus preventing mass evictions. However, Chapter 13, which covers secured debts (mortgages and rental payments), is still an option to protect you and your loved ones and stop a potential eviction or foreclosure.

Timely actions are everything when it comes to filing for bankruptcy. On the one hand, the application process is complex, and the request could be denied if filing is carried out incorrectly. In addition, there are specific requirements to meet and apply to this chapter. One of them is the established debt limitations, which is $1,184,200 for secured debts.

When filing for bankruptcy under Chapter 13, collectors should stop their collection efforts upon notification of filing. In addition, landlords cannot evict their tenants, and lenders cannot initiate bank foreclosure procedures.

On the other hand, if a landlord started an eviction judgment before an individual filed for bankruptcy and the landlord or lender obtained a judgment for possession through which a property can be regained from a debtor, the automatic stay issued will no longer be valid.

Chapter 13 offers scheduling of payments for your debt from a three- to five-year period. In addition, a candidate should prove that their income is steady and sufficient enough to cover the installments agreed upon.

At William H. Lively, Jr. WHL, PLLC, we can assist you through the entire bankruptcy application process. We provide caring and personalized legal advice to face this difficult time for your finances. Regain control of your financial life and learn your options in a free consultation.

Take Action Now To Protect Your Financial Future

Start by calling our Tyler office at 903-920-0008 to arrange your initial case evaluation. We also have a secure online intake form to contact us. Your consultation is confidential.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.