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Webster Texas Bankruptcy Blog

What can you do if you're threatened with foreclosure?

The last thing you want to do is to move out of your home, but with missed payments adding up, you aren't sure you can remain in your home. Foreclosure defense is an option that you should look into.

Millions of people have lost their homes to foreclosure. Foreclosures begin when they miss three or more payments or enough that the mortgage lender is satisfied that the person is not going to pay. At that point, the lender seeks the foreclosure with the goal of getting the people out of the home and selling it to make back as much money as possible.

What do you need to decide before filing for business bankruptcy?

If your business is in financial trouble, one of your options is to enter into a business bankruptcy. As with any kind of bankruptcy, a business bankruptcy has benefits and downsides.

There are a few kinds of bankruptcy you might want to look into. One, Chapter 7, signifies the end of your business as you liquidate your assets. Chapter 11 gives you a chance to reorganize your business, so you can continue operating in the future. Other forms also exist depending on the kind of business you run, but these are the two primary types most business owners look into.

Medical debt: Don't let it control your life

America is no stranger to medical debt. It's a reality that the health-care system often results in people struggling with bills that total in the thousands, if not hundreds of thousands of dollars.

When you receive a bill that is quite costly, it may seem like there is no way to pay it. Even if you pay all you can, it might be an amount you're never truly able to cover. What can you do?

The advantages of bankruptcy are there to protect you

A personal bankruptcy may seem like something that would ruin your future potential, but the reality is that it can set you up for better financial security. Many people make financial mistakes at a young age or fall into financial difficulties as they lose jobs or suffer from health conditions. It's your right to choose bankruptcy if you cannot pay your bills and have fallen behind. It is there to protect people in your situation and to help you build firm financial footing for the future.

There are always advantages and disadvantages to bankruptcy, but the benefits often outweigh potential losses. Take, for example, Chapter 7 bankruptcy. With this form, you have to liquidate your assets. However, you likely won't lose everything thanks to the exemptions provided by the law.

What kind of bankruptcy is best for business?

When you have to file for a bankruptcy, it's painful. You don't want to lose your business, but you also can't continue to go deeper into debt. The good news is that there are different options open to you. In some cases, you may be able to keep your business afloat.

With both Chapter 11 and Chapter 13 bankruptcies, it's possible to keep a business open while the owner restructures its finances. Chapter 11, specifically, is designed to help with the restructuring process, while Chapter 13 allows the individual to pay a monthly amount toward the elimination of debts for three to five years.

Can you get rid of credit debt in bankruptcy?

If you have a great deal of credit-card debt, one thing you may be asking is if bankruptcy is the right option for you. Unsecured debts are typically discharged in bankruptcy, but there are a few things that you need to understand.

If you opt to have a Chapter 7 bankruptcy, then you need to give up a certain number of assets before your debts can be discharged. Declaring bankruptcy is a major decision and one you should not take lightly. There are steps that you should take before you decide if bankruptcy is right for your situation.

Know what to do if you'll miss your next mortgage payment

A foreclosure is difficult for anyone to go through, but it is an absolute nightmare for those who have done everything they can to prevent the sale of their home. A foreclosure is a legal process where the lender repossesses your home. When this happens, you have no choice but to move out of your property.

In the case that your property is worth more than you owe, there may be a chance that you can sell it and avoid foreclosure. However, if it is worth less than you owe, the lender could pursue a deficiency judgement. This judgment would give the lender the right to pursue the remaining difference from you after the sale of the home.

Alternatives to foreclosure could help you save your home

If you're facing foreclosure, the good news is that there are some alternatives you can consider. These options may give you the opportunity to save your home and to prevent the damage to your credit rating that a foreclosure can cause.

The foreclosure process generally begins after you miss several payments on your mortgage. The lender uses foreclosure to take legal possession of your home. This means that you lose all the money you put into your home, and you may lose your home completely. Typically, foreclosure properties are sold at auction.

Understanding the reality of a Chapter 13 bankruptcy filing

There are many reasons why a person in the state of Texas might start to struggle to repay debts that they acquired. There are countless uncertainties in life, and unexpected occurrences often come with financial burdens. For example, losing a job can happen quickly, and health problems can lead to extortionate medical bills.

If you start to face financial hardships, you may want to consider the benefits of filing for bankruptcy. A bankruptcy filing is often looked at as a "last resort." However, by filing relatively early in your struggle with increasing debt, you may be able to shorten the repayment period. Before filing for bankruptcy, you should take the time to understand more about what types of sacrifices it requires.

Color Spot Nurseries appoints new leader after bankruptcy

If you're interested in following news about businesses that have entered into bankruptcy, then you may be pleased to know that Color Spot Nurseries has emerged from bankruptcy and will continue to operate. According to the Aug. 21 news release, the company is the country's largest greenhouse.

The company offers several services and items including bedding plants, high-value patio planters, hanging baskets and perennials. Interestingly, the company appointed a new chief executive officer (CEO) following the bankruptcy. He has been with the company for 20 years and played a part in several roles in the company's operations.

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