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November 2014 Archives

If you need debt relief, consider Chapter 7 bankruptcy

Bankruptcy tends to be a last resort for people who are struggling with debt, no doubt because they fear that they will have to forfeit many of their assets. This auctioning of assets occurs mostly in Chapter 7 bankruptcy, which is the most common bankruptcy filing. It is true that some people will be required to sell some of their assets to pay back their outstanding debts, but what you may not know is that some assets are exempt from sale. Exactly which types of property are exempt varies by state, but in Texas, you may find that important assets such as houses, cars and even bank accounts are exempt from sale.

Filing for bankruptcy could be the new start you need

When debts begin to pile up, it can quickly become stressful. You might consider loans, or transferring balances to lower rate credit cards, but all of these options can quickly get out of hand, driving you deeper into debt. To make things worse, creditors may have little sympathy for your situation. The regular phone calls and threats of legal action only serve to add to your distress.

Woman clears her $20,000 debt

It is all too easy for debts to mount up. No matter how diligent you are about monitoring your spending habits, some expenses can take you by surprise. Sudden illness or injury can leave you with medical bills to cover. A bereavement might land you with funeral costs and a loss of income in the family. Even a new baby comes with substantial costs. As such, it is hardly surprising that many families in Texas struggle with credit card debt every year.

Beware of student loan debt scams

Some people may be tired of hearing about student loan debts, but with millions of people suffering from more than an estimated $1 trillion in student loan debt, it is one of the most serious concerns facing future generations. People are desperate to gain some form of debt relief from their crushing student loan debts. Unfortunately, there are many scammers and shady people who seek to take advantage of this desperation.

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