A piece in today’s Star-Telegram talks about the number of homes that are foreclosed on after a bankruptcy filing. According to the article by Sandra Baker an analysis of post-bankruptcy cases for homeowners in 60 Texas counties shows that the number of cases involving properties protected from foreclosure rose 9 percent in 2009 to 12,170 properties.
In most cases when you file bankruptcy to protect your home from foreclosure, you will enter into a Chapter 13 bankruptcy case. Under Chapter 13, you must continue to make your house payment on time and make your payments to the bankruptcy trustee in order for the bankruptcy protections to remain in place.
The report also breaks down the figures for homeowners who did not keep up with the payments under their Chapter 13 repayment plan in the bankruptcy courts in Fort Worth and Dallas:
“The U.S. bankruptcy court in Fort Worth, which handles filings from Tarrant, Comanche, Erath, Hood, Jack, Wise, Palo Pinto and Parker counties, handled 3,154 properties affected by a post-bankruptcy filing. That was a 3 percent increase from 2008, when 3,064 properties were affected. The dollar volume, based on assessed value, was $464.5 million in 2009, a 10 percent increase from 2008’s figure of $420.4 million, the firm said.”
“In Dallas, 4,764 properties were affected by a filing in 2009, a 21 percent increase from 3,952 properties in 2008. The dollar volume jumped 38 percent, to $757.9 million in 2009, from $548.4 million in 2008, the report said.”
If you are facing financial difficulties and want to protect your home from foreclosure, talk to your bankruptcy attorney so that any issues you have with the repayment schedule can be addressed before you fall behind.
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