The news abounds with stories on the foreclosure crisis. Between May 2007 and 2008, foreclosures have risen 48%. Texas remains steady at #17 in the nation for foreclosures. Though this may seem encouraging to some, for the thousands of North Texans, the threat of foreclosure is an immediate concern. Economists have yet to see the end of the foreclosure spiral.
In 2008, 29,000 of the 32,000 Texas foreclosures were in the 10 county area surrounding Dallas/Fort Worth. In July 2008, Dallas County showed a decrease by 4% in foreclosures, while Tarrant County reported a 3% increase from June 2008. However, in looking at the overall year, foreclosures are up 22% in Dallas County and 38% in Tarrant County. This places Tarrant County as one of the 7 out of 10 counties in the North Texas area showing a 25% or more year-to-date rise in foreclosures. Other counties include Rockwall, Denton, and Kaufman.
Foreclosure doesn’t have to happen. Bankruptcy can save homes from foreclosure. By filing bankruptcy, foreclosure proceedings are immediately halted where they are by Automatic Stay Protection.
Under Chapter 7 bankruptcy, Automatic Stay protection is temporary until your case is discharged, but if you’re able to keep current on the mortgage with discharge, you can keep your house. However, it also gives you the time to decide if you should keep the house or sell. Under Chapter 13 bankruptcy, Automatic Stay protection runs the length of the repayment plan. It can help you catch up and keep the equity in your home.
You don’t have to face foreclosure alone. Bankruptcy is an economic decision. You have options. The experienced bankruptcy lawyers at Higgins and Associates have helped thousands of North Texans stop foreclosure and file their bankruptcy cases. You don’t have to lose your home. Let the Higgins and Associates bankruptcy attorneys evaluate your case for free.
