There is no way around the fact that suffering from a sudden and serious illness or injury in this country is an expensive prospect. Like elsewhere in the country, Texas residents who have health insurance often find out that it provides only a false sense of financial security. Most insurers will not cover all of the medical debt incurred, which leaves unsuspecting patients with significant financial struggles as they try to keep up with what medical providers say they still owe.
In order to meet financial needs, most Texas residents need to go to work and generate an income. It is common for people to rely on that income to meet their basic needs, make rent or mortgage payments, stay on top of credit card bills, and for numerous other financial matters. As a result, if you lose your job, you undoubtedly will worry about your finances.
Struggling with finances is something with which many Texas residents can relate. Finding ways to deal with ever-increasing prices for basic needs such as food, shelter and transportation often leads individuals to live above their means more out of necessity rather than some design to get into overwhelming debt that could easily lead to Chapter 7 bankruptcy. When credit cards no longer suffice to meet their needs, many people turn to personal loans to get by.
The financial struggles that Texas residents go through often lead them to a variety of debt relief options. Sadly, many of them will not work for everyone, and those individuals may consider filing Chapter 7 bankruptcy, but worry about how it will look to others. Fortunately, the stigma that used to surround this legally protected process has virtually vanished.
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.
States had the option to opt into the expansion of Medicaid offered by the Affordable Care Act or not. Texas decided not to do so. It appears that millions of dollars in medical debt across the state was the result.