For whatever reason -- a job loss, an illness or some other calamity -- Brownsville homeowners could find themselves struggling financially. It may become a challenge to meet the demands of a mortgage lender during this time. A homeowner may believe that it is possible to bounce back, but whether that can happen before foreclosure proceedings are filed remains a question.
Recovering from the great recession did not include saving up for major health care expenses. Most people here in Texas and across the country felt fortunate they managed to get through it with their homes, their jobs and perhaps, some savings. Even so, an unexpected injury or illness could end up costing tens of thousands of dollars, if not more. Some people end up with hundreds of thousands or millions of dollars' worth of medical debt -- and that is with health insurance.
Personal debt is growing nationwide. It seems that Americans are spending more money than they make, leaving them with thousands of dollars in debt. Surprisingly, overspending is not the leading cause of debt.
These days, it would be difficult to find someone here in Texas who does not have some form of debt. The difference is that not everyone has the capability to repay debts, especially after some sort of financial setback such as a job loss or a divorce. Whether you experienced an event such as this or the amount of your debt simply got away from you, it might be time to consider your debt relief options, including filing for Chapter 7 bankruptcy.
The inability to meet financial obligations is something that many Texas residents experience at one time or another. Some people are able to recover from these circumstances, but others cannot. In those cases, they may consider filing for Chapter 7 bankruptcy, but worry they may lose the money in their bank and retirement accounts.
It might surprise some Texas residents to know that not everyone pays attention to their financial obligations. One recent study conducted by U.S. News and World Report involving 1,000 adults found that approximately 21% of the participants did not even know if they have credit card debt. Under these circumstances, consumers could easily end up in a precarious position when it comes to their finances.