Helping Clients Save Their Homes & Assets
Houston Bankruptcy Attorney O. Miller White
Many clients ask, “How can I keep my home during a Chapter 7 bankruptcy if I am delinquent on my mortgage?” Although people would normally lose their home if their mortgage is badly past due, there are now new programs available that will allow either a loan modification or refinancing of an existing mortgage. These programs will bring it into a current condition and can also reduce monthly payments and the interest rate.
The new Making Home Affordable program offered by the federal government is now available to many home owners. This program can help you completely eliminate of all your credit card debt and other unsecured debts, even with a badly past due mortgage. For more information, please visit the website at: http://www.makinghomeaffordable.gov/
Another concern of many clients is whether they will get to keep their assets after filing for Chapter 7. While some assets could be liquidated, most people are able to keep most and usually all of the assets they owned when the bankruptcy petition was filed. The truth is most, if not all of your assets are exempt under bankruptcy law, which means you get to keep them.
Furthermore, all of your secured debts (i.e. mortgages, car notes) are discharged in Chapter 7 if they are not reaffirmed (reinstated). This means you can get rid of a vehicle that is badly “upside down” by surrendering it. In doing so the secured debt becomes an unsecured debt and is therefore completely eliminated in the Chapter 7 discharge..
Consult an Experienced Bankruptcy Lawyer
If you are interested in learning more about protecting your home and other valuable assets during the Chapter 7 bankruptcy process, please do not hesitate to contact the Law Offices of O. Miller White today! Mr. White offers a FREE CONSULTATION to discuss the situation you are in and what legal remedies are available to completely turn your financial troubles around.
CALL THE LAW OFFICES OF O.MILLER WHITE TODAY AT (281) 315-8810 |