For many people under pressure from debt, the idea of losing their home or car can be stressful, to say the least. If you are facing foreclosure or repossession in Texas, you need a legal advocate who can help you explore all of your options and protect your property.
At The Law Offices of Sean T. Flynn PLLC, I help clients throughout Austin and the surrounding area navigate their debt. My office is a judgment-free zone where I take the time to get to know each client on a personal basis, so I can guide them toward the best solution for their unique situation.
What Is Secured Debt?
When you take out a loan to buy an expensive piece of property, such as a house or car, the bank often uses that property to serve as collateral for the loan. This means that if you cannot pay back the loan, the bank can take the property as payment instead. We call this type of debt “secured” because the loan is protected by the lender's ability to take the property for payment.
Therefore, it is important to seek help right away if you find yourself falling behind on house or car payments. I can help you look into ways you may be able to protect your property from foreclosure or repossession. Sometimes reducing your unsecured debt, such as credit cards or medical bills, can free up funds to make payments on your secured debt.
How Bankruptcy Can Help
Bankruptcy helps you consolidate and eliminate some of your debt. Though you must continue to pay your mortgage or car loan in order to keep that property even after filing for bankruptcy, you may be able to consolidate other debt and reduce your overall debt payments. Reducing your recurring payments should make your mortgage and car loan payments easier to handle.
Although you can protect secured loans through Chapter 7 bankruptcy, not everyone meets the requirements for filing under Chapter 7. Most people find Chapter 13 to be useful for protecting a home or car. When we meet to discuss your case, I will walk you through your options to figure out which process will work best for you and your family.
Find Out More About My Services
I understand the difficult situation you face. I also understand the solutions available to you. Contact my office today to schedule an appointment and find out more about how I can help. You can either call 512-640-3340 or send me an email.