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Common Concerns & Questions About Bankruptcy

Bankruptcy may be the missing item in your financial toolbox

| Dec 23, 2017 | Blog |

Living in Texas definitely has its pros and cons, same as any other state. You’ve likely heard humorous remarks about everything being “big” here. The trouble is, not everything that’s big is good; for instance, big health problems, marriage problems or financial problems are anything but good. When big financial problems arise, it can have immediate and long-lasting negative effects on your life. Perhaps none of this is news to you because you are currently trying to overcome a particular financial crisis.

Maybe things have gotten out of hand due to losing your job or facing an unexpected medical emergency. Then again, perhaps you’re still employed and in good health, but you got into a bad habit of spending more than you earn. Regardless of the exact reasons for your money trouble, if a lender is threatening to take ownership of your home, you’ll likely want to access all options available to halt the process.

Valuable tools that may help you avoid foreclosure

It’s worrisome enough to face several unpaid bills for substantial amounts than to be at risk for losing your home. If you have a spouse and children, the stress of it all may be a bit overwhelming. If you take a deep breath and do a bit of research, you may be able to access support that can help you get things back on track. In the meantime, the following information might be helpful as well:

  • A lender can’t simply take over your home if you are unable to make a mortgage payment. There are foreclosure laws about such matters, and you have mortgage rights. Knowing your rights and how to protect them can help you avoid major problems.
  • Foreclosure generally means a lot more work for a lender. In short, your lender may be willing to come up with an alternate payment plan so you get to keep your home and the lender does not have to take on the burden of foreclosure.
  • There are certain debt relief options that halt the foreclosure process in its tracks, such as bankruptcy. There also happen to be various types of bankruptcy, each with its own eligibility requirements. To find out if a form of bankruptcy would help you solve your financial crisis (and keep your house), you may wish to speak with someone who is well-versed in bankruptcy law.
  • There may also be immediate, practical, tangible things you can do to help resolve your money problems, such as cutting back on spending, selling assets or obtaining additional gainful employment to bring in more cash.

If you know someone who has successfully avoided foreclosure, he or she may have some good ideas to help you rise above your current financial problems. Many other people who have gone through similar experiences in Texas have relied on experienced bankruptcy attorneys for support.