Although it is often the last thing that a debtor wants to consider when they are facing insurmountable financial challenges, bankruptcy is an excellent option for many people who want to be in control of their loans and other financial obligations. Texans have several options for bankruptcy that may allow them to receive judicial discharges of their debts and, depending upon the form of bankruptcy that they choose, the process of reaching a discharge can look very different.
It can happen to even the most fiscally responsible person. Sometimes a financially catastrophic event occurs -- a serious illness, a job loss, a divorce or another major life event -- that makes it difficult if not impossible for a person to pay their bills. It is not pleasant to be in a situation where a person has to decide which bills to pay (or not pay) and still keep food on the table and a roof over their head. Fortunately, people in Texas and across the nation who are drowning in debt may be able to file for bankruptcy.
Any person in Tyler, Texas could sometime find themselves facing financial hard times. It is not easy to choose between paying your bills, putting food on the table or gas in the car. Eventually the debts add up to the point where paying them off simply is not possible. This can be a devastating blow, one that is made all the more stressful and frightening when debt collectors start calling or foreclosure is threatened.
Sometimes a person in Texas finds that they simply have more debts than they can pay back. This can be very stressful, especially when a person is being hounded by debt collectors or even threatened with foreclosure or a lawsuit. Fortunately, people in this situation may receive debt relief via a Chapter 7 or Chapter 13 bankruptcy filing.
Some people in Tyler, Texas find that they are suffering under unmanageable debt, and they need help dealing with this debt in a way that provides them with a brighter financial future. Therefore, they may be interested in filing for Chapter 13 bankruptcy. However, as discussed a previous post on this blog, certain requirements must be established before a person can file for Chapter 13.
People in Tyler who are facing financial difficulties may decide that filing for bankruptcy is the right choice for them. Some may decide to file for Chapter 7 bankruptcy, as the process is relatively quick from start to finish, so they can move on with their lives with a fresh financial start. Others may want to file for Chapter 13 bankruptcy, especially if they think they can pay back some or all of their debt given time or if they want to preserve assets that might be lost if they file for Chapter 7. However, they should keep in mind that not everyone qualifies for Chapter 13.
Sometimes even the most responsible of homeowners can fall on hard financial times. It only takes a job loss, a serious illness or any other financial calamity that causes a homeowner to fall behind on their mortgage payments. This can be incredibly distressing, particularly if a homeowner is facing the threat of losing their home to foreclosure. However, homeowners in Tyler should know that there may be some alternatives to foreclosure that may be worth looking into.
Owning a home is a source of pride for many in Texas. Our homes are where we rest our heads at night, where we raise our families and where we celebrate holidays and other special occasions. In the end, "be it ever so humble, there's no place like home."
Sometimes, when a person's debts become overwhelming, they may find that filing for bankruptcy is the best way for them to wrest control of their financial problems and move forward with a clean financial slate. While some people in Texas may choose Chapter 7 bankruptcy (liquidation bankruptcy), others may find that Chapter 13 bankruptcy is better for them.
When people in Tyler have a mortgage, they expect that the terms of the mortgage will remain the same. In fact, lenders are not permitted to change the terms of a mortgage in a way that lengthens the amount of time a mortgage must be paid or change the amount to be paid each month, if the borrower has not agreed to do so. However, one lender, Wells Fargo, did just that to borrowers who were in the bankruptcy process and is now facing a lawsuit.