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January 2013 Archives

Many face overwhelming debt due to medical bills in Texas

Health care has been a topic of debate in the country for at least the last several years. This has been a pressing concern because medical bills have been a significant cause of overwhelming debt for consumers in Texas and elsewhere. Medical debt has forced many individuals to take extreme measures to survive when faced with a serious medical crisis. In many cases, people have been forced to live with pain and sickness and some have elected the protection of bankruptcy as a responsible solution.

Former bank director files for Chapter 13 bankruptcy

Even bankers are legally responsible to their debts owed to banks. Even if the debt is owed to the same bank a banker had worked for as a top executive, he or she is still liable to the amount owed on a loan in Texas or elsewhere. This is the case with a former director of First National Community Bank (FNCB) who recently filed for Chapter 13 bankruptcy due to overwhelming debt owed to his former employer.

Drought, hail, and recall forces farmer's Chapter 7 bankruptcy

Many times circumstances outside of the control of a business owner may cause the business to fall on hard economic times. Often it is farmers who feel the brunt of an economic downturn, such as the recent recession which affected all parts of the country, including Texas. One farmer experienced this when his farming business recently filed for Chapter 7 bankruptcy. Apparently, damage from hailstorms and drought along with a spinach recall forced the company to petition for bankruptcy.

Owner of printing business files for Chapter 13 bankruptcy

It became all-too-common for businesses to struggle for survival during the recent recession. Many larger corporations were able to weather the storm in Texas and elsewhere; however, the recession was significantly more challenging for smaller businesses. Many of these small companies were forced out of business by the slow economy. The owner of a printing business blamed the recession as well as other factors for forcing him to file a Chapter 13 bankruptcy recently.

Credit cards cause more overwhelming debt than other debts

American consumers, including many in Texas, recently reached a record-breaking level of debt in the U.S. According to some reports, consumers increased their debt by $14.2 billion in one month to add up to a total of $2.78 trillion in debt. Although this may seem like something to be concerned about, it may not be as bad as it could seem at first glance, since different types of debt are better than others. Of the recent debt increase, only 24 percent was due to credit card debt, which has been known to cause more overwhelming debt for consumers compared to education loans or other types of loans.

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