When people in Texas are forced to file for bankruptcy, they tend to find it difficult to apply for refinancing due to the abysmal state of their credit score. Nevertheless, they can still receive refinancing if they manage to follow a few simple steps.
Debtors in Texas and elsewhere are protected against certain actions of debt collectors. The federal law governing the actions of collectors is called the Fair Debt Collection Practices Act (FDCPA). Recently, the U.S. Court of Appeals for the 6th Circuit determined that the FDCPA prohibits certain activities of the debt collector, including state-required collection activities.
Economic indicators in Texas and around the country have been improving steadily in recent years, and this has led to a sharp fall in business and personal bankruptcy filings. Chapter 7, 11 and 13 petitions soared in the wake of the 2008 financial crisis, but they have since fallen by more than 50 percent according to a report on the federal judiciary released by Supreme Court Chief Justice John Roberts on Jan. 8.
Older people throughout Texas and the rest of America are facing a greater risk of serious financial problems. On the surface, the numbers may seem promising. There were 1.6 million bankruptcy filings in 2010, a number that dropped to 789,000 annually by 2017. However, the overall decline also includes disturbing information about the financial situation faced by Americans over the age of 55. There are a number of factors that may contribute to growing levels of insurmountable debt among older people, especially as the baby boomer generation emerges into retirement.
If you have debt, you are not alone. Approximately 65 percent of people in the United States pay interest on credit card debt. Having some debt is okay, and it can even be healthy if it is related to some sort of goal, such as earning a degree or owning a home. So, when does it become too much?
When people in Texas face overwhelming debt and are no longer able to make ends meet, they may look for options to find some relief from pending credit card debts, medical bills and other looming obligations. Personal bankruptcy can be an important choice that allows people to move forward to a new financial future. When people file for bankruptcy, they can do so in two forms: Chapter 7 and Chapter 13. There are several reasons why people may choose one or the other.