Texas residents who are facing foreclosure have a number of options when dealing with this situation. By learning about their rights and which options are available in their particular situation, they can make more informed decisions about how to proceed.
Debt service provider sanctioned by CFPB
Debt relief service providers sometimes give sound advice to Texas residents who are struggling to make ends meet, but many of the business offering these services callously take advantage of those with financial difficulties. One such company, the California-based Student Aid Institute, was shut down by the Consumer Financial Protection Bureau for a raft of violations on March 30, and the independent federal watchdog agency also held the company's CEO accountable.
Bankruptcy stats important for Texas residents
Data from Epiq Systems shows that the number of bankruptcies in the first quarter of 2016 fell 5 percent from the same time period in the preceding year. That translates to 195,565 commercial and noncommercial filings between Jan. 1 and March 31. While the overall rate of bankruptcy declined, there was a 24 percent increase in commercial filings as well as a 9 percent increase in Chapter 11 filings by businesses.
Finding answers to billing questions in Texas
According to a variety of sources, it may be best to hold off paying a medical bill until it can be checked for accuracy. A study conducted in 2014 by NerdWallet found that there were errors on 49 percent of all Medicare claims. Advocacy groups such as Medical Billing Advocates of America found that the error rate is as high as 80 percent on all claims.
