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.
Any bankruptcy proceeding in Texas will end up being a fruitless endeavor if it does not yield the desired result to the debtor and help him or her to get back on stronger financial ground. For a fresh financial start to be successful, the plan must work. With a Chapter 13 bankruptcy, it is vital to understand something that is elementary: how to make the plan work.
Sudden life changes can throw an individual into unexpected financial challenges. The sudden loss of a job, the onset of a medical condition, and even divorce can leave one facing massive debt and income shortfalls. During these times, individuals may turn to credit cards to get by, which can exacerbate the issue. When the debt becomes so overwhelming that an individual is unable to make his or her payments, it may be time to consider debt relief options, including bankruptcy.
If you are facing overwhelming debt, then you're likely looking for debt relief. There may be many options available to Texans, including Chapter 7 and Chapter 13 bankruptcy, but figuring out which is the right fit can prove confusing. Depending on your circumstances, Chapter 13 bankruptcy may be in your best interests, particularly if you're interested in keeping your assets. This post will examine the advantages of filing for Chapter 13 bankruptcy.
Debt makes up a significant part of our economy. Individuals in Texas may struggle when they suddenly lose their job, or they may incur substantial medical expenses with the onset of an unexpected medical condition. Regardless of the reason for such financial hardship, those who are subjected to it can find themselves overwhelmed, stressed on a daily basis and fearful for their future. Although these emotions are understandable, those facing seemingly insurmountable debt may be able to obtain debt relief.
For Texans, making the decision that the financial challenges they are facing have become too difficult to overcome and filing for Chapter 13 bankruptcy is not taken lightly. However, it is a comforting truth that Chapter 13 is a strategy to get out from under onerous financial issues and move forward. Chapter 13 is for those who earn wages and will repay the debt within three to five years. There are certain terms that must be understood with this filing. That includes the three types of creditor claims on debt. They are priority, secured and unsecured.
When you reach a point where your debt is unmanageable and you are unsure of where to turn, you may consider the benefits of bankruptcy. Though often perceived negatively, bankruptcy actually offers consumers drowning in debt a way to effectively confront that debt and secure a stronger financial future.
When a Texan decides that filing for Chapter 13 is the best possible option to secure debt relief and have manageable payments, it does not necessarily mean that the agreement is set in stone and cannot be changed. While Chapter 13 is a strategy that will give the debtor a certain amount of time to pay back what is owed under a repayment plan, it can be modified. There could be many reasons why a debtor would like to have the plan altered and it is important to know when and why this might be done.