If you are threatened by foreclosure in Austin and want to protect your assets at all costs, you should know that filing for bankruptcy could get you out of this sticky situation and enable you to find some degree of relief.
Bankruptcy may halt foreclosure proceedings and put an end to the stressful harassment tactics employed by aggressive debt collectors. Moreover, bankruptcy can give you the extra time that you may need to put your finances in order and make up potential missed payments. In certain circumstances, bankruptcy may also enable you to save your property permanently. Chapter 7 bankruptcy could delay the whole foreclosure process by a few months, while Chapter 13 bankruptcy could allow you to save your home and get your creditors off your back for good.
Once you file for bankruptcy, the court will issue a beneficial order that would offer you the chance to profit from “automatic stay.” This means that creditors are compelled to put their collection efforts on hold. If you were to be threatened by a foreclosure sale, this action would be postponed by at least 2 or 3 months.
Filing for Chapter 13 bankruptcy could be the key to stay in your home for an indefinite period of time. By following a strict repayment plan and sticking to your promise, you may be able to avoid foreclosure and keep your Austin home.
However, you should know that bankruptcy is not the right solution for homeowners who simply can’t keep up with their monthly expenses. In this case, it may be wise to sell your house in Austin, Texas and find a new home that actually meets your demands and your financial possibilities.
All in all, you may be wondering, can bankruptcy stop foreclosure? The answer is yes. And on top of that the property can be removed from the bankruptcy filing if it is a homestead. The most renowned asset protection measure included by the legal framework in Texas is represented by the so-called “unlimited homestead exemption “. This property exemption was implemented by the Republic of Texas in the 1800s, as an effective method to attract settlers.
Other states, including Florida, have decided to add unlimited homesteads to their set of laws. Nevada also embraced a similar approach by expanding its current exemption laws, driven by the ambition to become a real haven for residents who are eager to profit from much-needed asset protection. Unfortunately, not all U.S.-based debtors can count on the same advantage, taking into account the fact that most states provide an inferior level of protection.
Generally speaking, homestead exemption offer 3 notable advantages:
– They offer shelter to the surviving spouse
– They stand in the way of a forced sale of a home conducted to address the creditors’ demands
– They ensure a property tax exemption applicable to a home
Different jurisdictions ensure various levels of protection for homeowners under their specific homestead exemption regimens. You should also know that Texas, Kansas, Oklahoma, Florida, Iowa, and South Dakota are among the few states offering a superior degree of homestead protection in the U.S. Without a dollar value limitation and a 4.0 hectares exemption limit for urban homesteads and a 40-hectares limit for rural homesteads, the state of Texas offers a generous protection for debtors seeking to shield their properties against creditors.
Sell Us Your Place! Bankruptcy could definitely stop foreclosure, but it may not be the best call is you cannot afford to live in your house. If your current home is digging deep holes in your bank account, just sell it! It’s as simple as that. At, Tally Two Investment Group, LLC our purpose in business is to help you sell your home fast and conveniently and move on with your life. If you are eager to sell your Austin, Texas home in record time and walk away with solid cash in your pockets, just give us a call at 512-763-0883 and we’ll come to the rescue.