Brownsville Texas Bankruptcy Legal Blog

Brownsville residents who get behind on their mortgage loan payments could face legal ramifications from their lenders. Upon purchasing a home, it becomes collateral for the loan, which means that failing to make the agreed-upon payments could mean the lender will initiate foreclosure proceedings. During this process, the lender attempts to take possession of the loan's collateral -- the home.

Seizing the property is the short version of what a foreclosure entails. In reality, the lender must go through a legal process. Most foreclosures go through the "judicial foreclosure" process in which the lender files a lawsuit against the homeowner, demanding payment of the remaining balance of the loan or surrender of the home. If the borrower fails to pay within the prescribed amount of time and the court rules in favor of the lender, the home could be sold at auction. Texas law allows for both judicial and nonjudicial foreclosures.

Do you know what will happen if you if you are no longer able to speak for yourself and express your own wishes regarding your medical care? Who will take care of you if you become sick and unable to care for yourself? These are only a few of the most serious questions that people must ask themselves when drafting complete and thorough estate plans.

Care planning is one of the most important aspects of having a complete plan in place, yet many people overlook this step. You may understand why, as it is not pleasant to think about what could happen in the event that you become incapacitated. You may also understand that many people simply fail to see the need to take this step as they are currently healthy and young.

When searching for a debt relief option, Texas consumers often search for relief from the calls, texts, emails and other communications from creditors. Those struggling with overwhelming debt do not need the constant reminders of what they already know -- they are unable to pay their debts. Filing for Chapter 7 bankruptcy stops this activity through the automatic stay. Creditors are required to adhere to the law that states that they cannot continue to pursue payment as long as the stay is in effect.

Sometimes, creditors fail to stop collection efforts despite this mandate. In the first days after filing, a Texas consumer could continue to receive communications from creditors, but this is often blamed on the fact that news has not yet reached them. Filers are encouraged to keep their case number and other important information with them in order to advise creditors that continue to call of the filing.

Financial issues are nothing new to residents of Texas. Whether they come about through sudden events such as a job loss, a divorce, or an illness or injury, or through other means, they end result is the same -- calls from debt collectors, struggling to stay afloat and looking for debt relief options. Many of them file for Chapter 7 bankruptcy and then wonder how to rebuild their credit afterward.

One option is to obtain a secured credit card, but they are not for everyone. An individual can use the card for purchases just as any other credit card. However, the credit limit is based on a deposit made by the person to whom is issued. Some companies allow the user to spend up to the credit limit while others restrict usage to a certain percentage.