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July 2015 Archives

Restaurant chain Z'Tejas files for Chapter 11 bankruptcy

It has recently been reported that the restaurant chain Z'Tejas has filed for Chapter 11 bankruptcy. According to the bankruptcy filing, the company, founded in Texas in 1989, owes $9.3 million to over 200 creditors. One of the company's debts includes a $17,448.61 bill that it owes to the City of Austin for utilities.

Celebrity bankruptcies show the ups and downs of success

Fortunes go up and down for famous people in Texas and around the country. Like others who are not as well known, they experience financial challenges, such as divorce, lawsuits and business failures. Their troubles make the headlines, however, because of the large sums involved for celebrities like 50 Cent, Mike Tyson and Francis Ford Coppola.

Foreclosure rates rising across the nation

Texas homeowners may be interested to know that although their home state isn't among the top 10 for foreclosures, the national averages are rising. According to statistics published in June 2015, one out of every 1,041 homes or housing units had undergone filings in the few preceding months. Analysts said that more bank actions to repossess homes and state-level attempts to rectify distressed properties contributed to the increases, resulting in foreclosure levels in May 2015 that were the highest in 19 months.

Foreclosures versus short sales

Many Texas homeowners who get behind on their mortgages and who have little hope of catching up initially attempt to sell their homes in the hope a sale will solve the problem. If the home does not immediately sell, however, they may be left trying to decide between whether to seek a short sale or instead allow the foreclosure process to happen.

2 options for paying off debts faster

Getting out of debt is something that takes work, especially if some of it involves credit card bills. The interest alone on credit card bills can sometimes mean that making only the minimum payment isn't enough to effectively pay off the balance. For Texas residents who are drowning in credit card debt, there are two main methods they can use, which one columinst has referred to as the avalanche method and the snowball method.

Rules on debt collection and notification

Consumer debt remains a constant concern for many Texas residents in the post-recession economy. One of the problems cited by some debt holders concerns loopholes in the Fair Credit Reporting Act that allow some non-institutional creditors to delay billing and delay notification of negative credit reporting.

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Sherman, Texas 75090

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