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“Nero fiddled while Rome burned”.  Politicians continue to fuss while the mortgage crisis lingers.  If you have negative equity in your home, and you are tired of waiting for someone else to do something, then it may be time to consider Chapter 13 bankruptcy.

Chapter 13 has two immediate benefits for the distressed homeowner: principle reduction and lien removal.  Principle reduction, or the “cram down” in a bankruptcy proceeding, can apply to homeowners who meet certain qualifications.  You may be able to reduce the amount of your loan to match the home’s present value.  Your eligibility for a principle reduction may be time sensitive, so it’s very important to call an experienced bankruptcy lawyer today.

Lien removal is most common when the homeowner has taken out a home improvement loan or a HELOC or some similar second mortgage.  If your home’s present value is too low to secure both the first and second mortgage (a situation which is not uncommon in the Dallas area) you may only have to pay back some of that money, or maybe even none of it.

If you are eligible for a government benefit, such as free school lunches, it is rather silly to decline the benefit.  If you are eligible for a government program like Chapter 13 bankruptcy, it is rather silly to turn it down.  Call the law office of Henley and Henley today for your free consultation.