North Texans have had a real struggle in many cases in keeping up with their mortgage payments after the recession resulted in thousands of lost jobs. Many Texans were forced to file for unemployment with Texas Workforce Commission. Sometimes that just wasn't enough to juggle all of the bills, and keep up on the mortgage.
Many times filing a Wage Earners Plan, most commonly referred to asChapter 13 Bankruptcy will allow a debtor to get their financial situation back in order and help bring them current on the mortgage. A Chapter 13 Plan will provide you with 60 months to become current on the arrears on the mortgage rather than you having to come up with a lump sum at once in order to avoid foreclosure.
Also, there are many other benefits to filing Chapter 13. In most cases, the unsecured (credit card) debt is discharged just as if a Chapter 7 case was filed. Also, you may be able to substantially reduce the amount you pay for a vehicle and reduce the monthly payments on cars.