Money Problems Got You Down? Find a Houston Bankruptcy Attorney

Although making the payments on all the bills became impossible long ago, the effort to stay afloat continued a little too long. Despite other options such as credit counseling and debt consolidation seemed to be viable paths to avoid losing everything, things finally got out of control to the point that the only option is now to find a bankruptcy attorney in Houston. Filing for bankruptcy is really not the end of the world, although it does end the hopes of buying a house with a mortgage.

Buying a car will be possible at the end of the bankruptcy repayment plan period. Once the repayment plan ordered by the judge is given and the bankrupt individual completes each payment in about three years then it is discharged. At that time, auto loans are possible as long as there is a steady income. Having a steady job can allow for purchase of a car. However, purchasing a home will not be possible with a mortgage for at least ten years.

A home can be purchased with a real estate contract that a seller agrees to go into it with a buyer on a piece of real estate. The good thing about bankruptcies is that if a person already has a home, the repayment plan for Chapter 13 allows for the home owner to keep their home as long as they continue to pay on their existing mortgage. This works if the home loan was being paid and the other debts were the problem.

However, if the home owner could not pay the mortgage and entered into bankruptcy to avoid foreclosure, then a stay of the mortgage payment is worked out in the repayment plan. However, the repayment plan will not stop the bank from requiring that the original loan payments continue despite the court getting a temporary stay of foreclosure while the repayment plan is worked out. Once the plan is worked out, the mortgage payments must continue and not be missed. If they are missed then the bank can restart the foreclosure process and the home owners can still lose their home.

Doing nothing is a bad idea. When debts become too overwhelming as they have for many home owners in the past seven years, it is advisable to contact the renowned bankruptcy lawyers. It is a chance to make a fresh start although more complicated than it was prior to 2005 when the bankruptcy laws were changed to protect banks. The choice to enter into bankruptcy is a process and it requires the debtor to take credit courses and pass a credit rehabilitation test. The court session will be taken care of on a particular date set for debtors to appear in front of the judge with a chosen attorney. The attorney will be there to work out the details that are already worked up in the written Bankruptcy filing. Once the filing is made legally binding, it is up to the debtor to follow to the letter the monthly repayment plan.

All credit cards are closed and only debit cards are allowed. It will not be possible to have a major credit card again for many years. A debtor will learn how to manage finances and spend within a budget. It is good to find a bankruptcy attorney in Houston to get started.

If you are looking for divorce attorney in Houston, the author of this article recommends Busby & Associates.

If you are looking for Houston bankruptcy lawyers, then the author of this article recommends Busby & Associates.