Are you one of the many Texas residents struggling to meet their debt obligations? It is okay. It happens. If you are in a financial pickle, you may want to know what debt relief options are available to you. The truth is, there may be a few options, depending on the specifics of your situation.
A major concern that many people in the Tyler area may have when they are planning to file for personal bankruptcy is how the filing will affect the debtor's eligibility for loans and mortgages in the future. While it is true that a bankruptcy filing remains on a person's record for 10 years, it does not necessarily affect the person's eligibility for loans and mortgages as long as the person is able to rebuild and maintain healthy credit after obtaining the bankruptcy discharge.
Due to their lack of financial success or the cost of living, many Texas residents may find themselves in a tight money spot. Debts can be a tremendous burden on an individual and reduce the person's quality of life. Hounded by collection agencies and a falling credit score, a debtor can choose to opt for Chapter 13 bankruptcy in order to get a fresh start and reorganize the person's finances.
Residents of Tyler, Texas, would agree that no person intends to miss payments on the house, car or other items by choice. However, circumstances, such as sudden medical expenses, sudden job loss or a significant cut in salary, may lead to a difficult financial situation and can result in missing payments.
Filing for bankruptcy is sometimes unavoidable for Texas residents. When it comes to deciding whether to file for bankruptcy, people may be concerned about losing their family home to foreclosure and being left virtually penniless. At the law office of Gordon Mosley, we have had decades of experience counseling Texans into better understanding their options in such difficult times.
As we all know, debts can accumulate over a period of time. This can make it difficult for a person to make ends meet when paying both monthly bills and debt payments. Many people try to save every cent so that they can be out of the debt as soon as possible, but sometimes paying just the interest on the debts can prove to be difficult. Another solution to reducing debt may be to sell their belongings to pay the debts, but again they may brush aside this solution because they don't want to lose their house or possessions.
When in deep financial trouble, a Texas resident's primary concern is the possibility of losing their valuable assets such as a home, vehicle, real estate or other such significant assets should they file for bankruptcy. Additionally, the social stigma associated with bankruptcy can be quite distressing. However, if that person still has a steady source of income, he or she can avoid foreclosure, repossession or loss of other assets by filing for Chapter 13 bankruptcy.
As many Texas residents know, the two most common methods of bankruptcy are Chapter 7 and Chapter 13. Filing for bankruptcy under either of these two chapters requires an in-depth understanding of bankruptcy laws.
Most Texans want to have enough money saved in their retirement accounts before they retire. But financial insecurity can lead to an inability to budget and save for a time when a person may not be able to earn. Unfortunately, it seems that many more people nowadays may not be able to save for their retirement due to various financial challenges.