Bankruptcy - the process by which a person or business either reorganizes debt or else liquidates all non-exempt assets, if any, to pay debt and then discharges all debt not paid. Certain debts are not dischargeable in bankruptcy.
Does Debt Consolidation Work? Does Debt Settlement Work?Possible alternatives to bankruptcyWith more people being laid off, having wages cut, and hours lowered, families are finding they can no longer keep up with their current debt level. Because people fear the consequences of bankruptcy, they often consider debt management. This is where you hire a company [...]
Should I Use a Debt Settlement Company Instead of Filing Bankruptcy?Updated May 2020Debt settlement may be a viable option if a person has a very small number of creditors and/or has exempt property that cannot be protected in bankruptcy. Generally, if you are current on the account, many times the creditor will not settle with [...]
If you have been served with lawsuits or judgments, take action as soon as possible. For resources that can help with defending a lawsuit before a judgment is entered, see our Debt Lawsuit/Judgment Defense Page. Updated May 2020 What Can a Creditor Do to Me if the Creditor Takes a Judgment in the Lawsuit? [...]
Mortgage Billing Statements Require Transparency Billing statements are now required to have more detail informing the homeowner of charges and what the mortgage lender claims is owed. Can My Mortgage Company Charge Me When I Don't Have Insurance? Beginning January 10, 2014, servicers are required to give two notices to borrowers who have failed [...]
You have options upon receiving a foreclosure notice. If you are not paying your mortgage and you receive paperwork from the mortgage company indicating a foreclosure sale or an intent to accelerate the mortgage, you may have limited time to act. Do not fall for any “foreclosure rescue” scams. Do communicate with your mortgage [...]
When a home is sold at foreclosure, it often brings less than the amount owed on the mortgage. This is referred to as a “deficiency.” If the loan is a home equity loan, then the lender may not recover the deficiency from the homeowner as there is no personal recourse or liability on a [...]
There are allowed reasons for foreclosure. A homeowner who owes a mortgage obviously is required to pay the mortgage payments. But there are other obligations under the typical deed of trust and note. For example, the borrower/homeowner may be required to keep insurance in effect and may not be permitted to sell the property [...]
There may be defenses to foreclosure, including violations of the Texas Constitution, common law fraud, violations of the Truth in Lending Act, and the Home Ownership Protection Act. Your original loan documents and any documents that you have received in the foreclosure process are key. While there may be very limited exceptions, in general, [...]
Foreclosures in Texas always take place on the first Tuesday of the month. As a general rule, the lender must first give a demand to cure. The homeowner must be given no less than twenty (30 days is average) to come up with the money owed, “cure.” Assuming the foreclosure is on the borrower’s [...]