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Webster Texas Bankruptcy Blog

Sent a foreclosure notice? Understand the basics of the process

Since 2008, thousands of families have filed to foreclose on their homes. Lost jobs, medical expenses or child costs create risky scenarios and leave individuals unable to make mortgage payments. As bills go unpaid, banks begin the process of a foreclosure sale on your home.

If you receive a foreclosure notice, you may wish to identify your assets and determine whether you can pay your owed fees. Throughout this emotional and financially uncertain time, it proves essential to understand the basic principles behind a foreclosure.

3 ways to defend against the foreclosure of your home

If you've missed paying several payments on your home mortgage, your bank could be preparing to foreclose your home. In fact, you've probably already received a letter notifying you of the foreclosure process, which may be why you've turned to this article for a solution. While there's no substitute for speaking with a professional foreclosure defense attorney, here are three common strategies that foreclosure attorneys use to fight this legal process on behalf of their clients:

Negotiating with the lender

Texas hotel bankruptcy dismissed

Employees who worked for the Wyndham Garden Hotel in Amarillo, Texas, were hit with financial hardship after their employer closed up shop last September without notice. The employees had an especially difficult time when they didn't receive paychecks for the work they had completed for the hotel.

According to ex-managers from the hotel, they and the rest of the employees had to wait until Dec. 26 before getting paid. Ultimately, the hotel owed the employees money for two pay periods. One of the managers said, "I had a lot of employees that were calling me. Of course, they were concerned when they were going to get paid and we didn't know when anyone was going to get paid."

The post-bankruptcy progression

There are many elements to a personal budget, and the same holds true for personal debt. While the ultimate goal is to pass off debt, it’s not always that straight forward. Filing for bankruptcy provides a potential solution but it, too, comes with extra questions as the process develops. It’s common for people to worry what bankruptcy will mean for their personal finances, not only as you work through your current difficult situation, but over the long-term as well.

5 steps to prevent outragious medical debt

One of the most common reasons why fiscally responsible people find themselves in the throes of a debt problem involves medical expenses. When faced with the decision of whether to go into debt or continue suffering from declining health, most people choose to go into debt to get the medical care they need. However, by making sound choices, you might be able to prevent a medical debt problem.

Here are five things that will help you prevent a medical debt hailstorm:

Will bankruptcy ruin my credit?

You may have been dealing with your debts for quite some time. You are tired of hearing creditors calling your phone demanding their money be paid. You may be trying to decide what is best for you, your family and financial future. The possibility of filing for bankruptcy may be your last resort. It is true that with any major life-changing decision you must make, there are pros and cons. You must decide which is best for you. But you may be wondering, will filing for bankruptcy really ruin my credit?


Which kind of bankruptcy should I choose?

Mountains of debt may seem insurmountable, but they can also fall quickly. Whether from medical bills, job loss, divorce or other circumstances, suddenly you're facing more debt than you can handle. Declaring bankruptcy could be what you need to get back on your feet and start over.

There are two main kinds of personal bankruptcy: Chapter 7 and Chapter 13. The kind that's right for you depends on several factors.

Bankruptcy comes with requirements for counseling and education

Filing for bankruptcy is a decision that doesn't come easily. It is also one that doesn't happen right away because of the need to meet certain requirements. One of the requirements that has to be met is that you need to have credit counseling and debtor education. These have to be done at specific points in the bankruptcy process in order for them to be valid.

You can't take these courses from anyone. In Texas, as well as most other states, only agencies who are approved by the U.S. Department of Justice's Trustee Program can provide these services. Make sure that you are only dealing with these because you are wasting your time and money with others.

You don't have to lose your house in a Chapter 7 bankruptcy

Getting in over your head with debt doesn't take much. An unexpected illness, death in the family or loss of a job could leave you a few weeks behind in income. That can easily snowball into a situation where you're facing creditor calls and unable to make payments on all of your obligations due to increased payment amounts, penalties, fees, fines and interest.

If your debt has grown out of control, you may find yourself considering bankruptcy. However, you're also probably worried about how a Chapter 7 bankruptcy could affect your status as a homeowner. After all, the bankruptcy court has the power to liquidate some of your assets to repay creditors. If loss of your home is what's keeping you from seeking bankruptcy relief, there's great news. Texas has incredibly generous exemptions for homeowners.

Bankruptcy: What to know about filing to get out of debt

You were always good with money, but after a serious medical situation, you found yourself falling behind in debt. Now, you think there's no way out.

Fortunately, that isn't true. Bankruptcy is one option that could help you get back on track.

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