The job market is very volatile right now, with the unemployment rate as high as it has been in a long time. That combined with the crash of the housing market has made it very difficult for many families to afford their mortgages as they owe much more on their home than it is actually worth. In this situation bankruptcy is becoming more and more common. With the economy in the state that it is in many people are turning to bankruptcy to get them out of difficult financial situations that they find themselves in.
There are so many different regulations that go along with bankruptcy that it can be difficult to know exactly what goes on throughout the process. One thing that many people wonder about is if they will be evicted from a home or apartment they are renting if they file for bankruptcy. One thing that you should know is that the eviction process cannot be carried out if the tenant is in the process of filing bankruptcy. There are laws that protect renters and allow them to stay in the home throughout the bankruptcy process. The actual law places a stay on eviction proceedings which allows the tenants to remain. If the landlord wants to evict the tenants, he or she has to go to court and request that the stay be lifted so that they can evict the tenants. Even though there is a stay that prevents bankruptcy, it does not mean that the tenant can miss monthly payments. If the monthly rent obligations are not met the landlord does have the right to evict the tenants.
If you are a renter, you may want to hire a San Antonio bankruptcy lawyer to help you through the bankruptcy process, as he or she will be able to walk you through the entire process of bankruptcy and answer any questions that you may have. There are a wide variety of different laws that you will have to follow and by hiring a lawyer, you will be assured that you will be on the right track to get your bankruptcy approved.
If you are considering bankruptcy, you will likely be advised by your attorney to affirm your rent obligation. This will prevent you from being evicted and allow you to keep a roof over your head during the bankruptcy proceedings.
You will have a lot of questions when it comes to the bankruptcy process, so it is definitely a good idea to sit down with a bankruptcy lawyer and ask all of the questions that you have. Bankruptcy can be a scary process but you should rest assured that you will have somewhere to live as you will not be able to be evicted from your home just because you are going through the process. Just remember that you have to keep paying your monthly payments and you will be fine.
About the Author: Jeff Davis is the Owner of the Davis law firm, and a highly experienced San Antonio bankruptcy attorney. To find out more information about a San Antonio bankruptcy lawyer, please visit www.jeffdavislawfirm.com.