Tow, TX Bankruptcy Law Firms & Lawyers

There is so much misinformation, most of it urban legend, about what a discharged debtor can and cannot do. There is nothing preventing you from borrowing, refinancing or doing anything else post-discharge. The impediment is the other side of the transaction. Banks often will not lend to those who have filed a Chapter 7 case, at least on terms that don't punish the former debtor for their "transgressions." Bankruptcy itself does not prevent you from refinancing for ten years. A bankruptcy stays on your credit for ten years and thus makes it harder to get a loan, refinance a loan or do anything else that involves checking your credit report. By the way, anyone who promises you to get your bankruptcy removed from your credit report in exchange for a fee is both a liar and a crook that should be avoided and reported to the authorities. Good luck and expect to pay a higher rate than what borrowers with good credit pay.

Filing Chapter 13 will allow you to stretch repayment of the past due mortgage amounts over 3-5 years, but if your current income is not enough to make your monthly mortgage payments, it's unlikely the court will allow you to keep the home.

What will happen to your trailer is sort of up to you. If you continue to make the payments to the lender, chances are you will be able to keep it, if you can't make the payments, expect the lender to ask the court to allow them to repo it.