Ever thought of how large corporations can file bankruptcy and still hold on to their assets? Faced with bankruptcy, you will see major layoffs happening and prices of their goods skyrocketing, while the company continues to operate and thrive in a matter of few years. One wonders how everything can happen. They are supposed to lose their shirts after declaring bankruptcy, yet they seemed to have lost nothing. It can happen with the help of Houston bankruptcy lawyer. In truth, more and more corporations have taken this route and managed to put a stay on the foreclosure of properties and continue to operate as if business is normal.
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New studies have opened new opportunities to this kind of thinking. Actually, this is an old practice that has suddenly resurfaced in the midst of the present economic slowdown. Instead of totally giving up on your assets to foreclosures, through the intervention of a Houston Texas bankruptcy attorney, one can file for chapter 13 bankruptcy. This legal action automatically stops any foreclosure proceeding but does not save you from paying up the back mortgage payments.
One thing good about this setup is that you pay these back mortgage payments under your own terms. Although, all your proposals will have to go through the same process of approval by the mortgage lender, chapter 13 automatically imposes a deferral of action of your bankruptcy case. You can maintain this status quo for as long as you keep up on your part of the agreement and your mortgage lender can never repossess your properties. Your Houston bankruptcy lawyer should be able to guide you safely through the entire procedure. This means that your properties are safe from foreclosure for as long as you are paying mortgage and the foreclosure is effectively put on hold.
Once you take this route of using chapter 13 bankruptcy to save your property from foreclosure, your Houston Texas bankruptcy attorney should be able to warn you of the implication of such an action. If you fail to pay up on your monthly mortgage payments, it would mean that you will not qualify under this option for a long time. Chapter 13 is ideal for those individuals and companies who have had momentary financial debacle due to some fortuitous events but expect to return on track in due time. This approach basically buys you time in order for you to straighten up your finances and wiggle out of this financial bind you are in right now. This will also help you firm up a repayment plan of your back mortgage payments under your own terms, which is the best option considering your situation.
Your Houston Texas bankruptcy lawyer should be able to give you some sound advice on how you can go about the whole procedure in order to put you in a better position in making a financial rebound. If you are successful with the procedure, you can even eke out some form of settlement with regards to a portion of the penalty levied on your mortgage loan. However, you may have to meet some financial obligations before finally getting your proposal approved by your mortgage lender.
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