Just when you thought credit cards were the only plastic culprits you had to watch out for, prepaid debit cards are crashing on the watch list of consumer advocacy groups. Many Americans who have lost access to bank accounts and credit cards due to bad credit, wage garnishments or bounced checks are the biggest target of companies selling prepaid debit cards. Basically a prepaid debit card is a reloadable electronic account that acts like a debit card or credit card. The prepaid debit cards are not affiliated with banks and not subject to federal laws regulating banks.

Household names such as Wal-Mart and H&R Block are selling the debit cards; but the consumer fees are often steep and unexpected. Some the cards even expire a customer’s balance if the card is not used after a certain amount of time. Also, many of the prepaid debit cards only offer access to account information via the internet or text message, limiting information to customers who don’t have internet or cell phone access.

If you’re considering a prepaid debt card, make sure you read the fine print before you part with you hard earned cash.

Many debtors delay bankruptcy because they don’t want to give up one of their prized possessions. What these debtors fail to understand is that many assets, including a house or vehicle can be retained by the debtor even after they file bankruptcy. But there are some things you must understand.

When a debtor files bankruptcy he/she must file bankruptcy on all debt, no exceptions.

The bankruptcy court must look at the value of the property and how much equity the debtor has in the property. For example, if a debtor owns a car worth $20,000 and owes $15,000 on it that means that the debtor has $5,000 of equity in the car.

When the debtor files bankruptcy Texas bankruptcy law provides extremely generous exemptions. For example, if a debtor owns a house and that house is his/her primary residence, the debtor can exempt all of the equity in the house regardless of the home’s value. However, other assets have a limit on how much equity can be exempted. A debtor can discuss with a bankruptcy attorney (pre-bankruptcy) how many assets can be exempted from seizure during bankruptcy so there are no surprises.

If a property’s equity exceeds the debtor’s exemption the bankruptcy court may consider liquidating it to repay creditors. However, this rarely happens as many bankruptcy cases are no-asset cases.

To find out more about how you can retain ownership of assets during bankruptcy, contact a Dallas-Fort Worth bankruptcy attorney today.

According to an article in the Star-Telegram, eight credit unions in North Texas plan to compete directly with payday lenders by providing short-term loans to the low-income community who depend on payday loans. Credit Unions are developing a pilot program to entice low-income consumers of payday loans to join a credit union and take out short-term loans from the credit union instead.

The article said:

“We are in the very early stages of development, but what we do know is that the interest rate will be capped at 18 percent,” said Linda Webb-Mañon, a spokeswoman for the Dallas-based Texas Credit Union League. “That is the max. And when you consider what consumers pay at predatory lenders, it’s a good deal.”

Currently, 90 percent of consumers who use payday loans pay interest rates between 300 and 400 percent. Fifteen states and the District of Columbia have capped payday loan interest rates at 36 percent. Texas failed to pass a law restricting payday loan interest rates, leaving many Texan payday loan customers paying $15 for every $100 borrowed, which works out to an annual interest rate of 391 percent.

On the surface, the credit union effort to siphon off payday loan borrowers seems beneficial to consumers; but 36 percent interest is still well below prime rates offered to prime customers. Consumers should be cautious about high interest credit especially payday loans because once they fail to repay them the debt can cause a domino effect leading to all types of financial chaos. Many payday loan borrowers have even lost their homes to foreclosure because of delinquent payday loans.

Payday loans can be discharged in bankruptcy. If you are inundated with consumer debts, including payday loans, contact a Dallas-Fort Worth bankruptcy attorney to find out how you can discharge your debts.

According to an article in the Dallas Morning News, the country suffered 467,000 job losses in June, sending the unemployment rate soaring to 26-year high of 9.5 percent. And that’s not all, the average American worker who hasn’t succumb to a job loss has seen his/her workweek shrink to 33 hours, causing many workers to not only cut back on spending but to come perilously close to foreclosure and default on their other debts.

The article said:

“The worst crises in the housing, credit and financial markets since the 1930s have plunged the country into the longest recession since World War II. Many think the jobless rate could rise as high as 10.7 percent by the second quarter of next year before it starts to make a slow descent. Some think the rate will top out at 11 percent. The post-World War II high was 10.8 percent at the end of 1982, when the country had suffered through a severe recession.”

We have 14.7 million people unemployed in this country and the job losses continue to climb. If we counted the unemployed Americans who have settled for part-time work or giving up on their job search the real unemployment rate would be a startling 16.5 percent. Many of these unemployed workers have exhausted their benefits and many more simply never qualified for unemployment benefits. What’s happening to them? What’s happening is that many of these unemployed Americans are facing foreclosure, lawsuits from creditors and even homelessness as they fail to find work and fail to secure the financial assistance they need. And these aren’t your “average” homeless or indigent population. Many of these Americans are the victims of job losses and foreclosure. They are the people many would consider hardworking and responsible because they sacrificed everything to do the “right thing” and pay their debts regardless of the difficulties they were facing. I once read a story about an elderly woman who was facing foreclosure and eating cat food because she had become ensnared in a toxic mortgage and thought that bankruptcy was a shameful and bad thing, so she refused to file. This is a huge mistake. Many newly homeless Americans who have suffered job losses and foreclosures might have benefited from bankruptcy. The American bankruptcy system is designed to help debtors who can no longer pay their debts. Even huge corporations such as GM and Chrysler use bankruptcy to their benefit. Shouldn’t you? To find out how bankruptcy can help you deal with the blow of long-term unemployment and overwhelming debt, contact a Dallas-Fort Worth bankruptcy attorney today.

If you’re an expectant working mother and will take medical leave from your job during your Chapter 13 bankruptcy, you may be able to reduce payments based on your reduced income for that time period. A debtor’s Chapter 13 payments are determined by the means test which looks at a debtor’s average monthly income for the six months prior to filing bankruptcy. One option for using the medical leave to reduce Chapter 13 bankruptcy payments, is to take the leave before filing bankruptcy and once you return to work file bankruptcy and use the leave to reduce your monthly bankruptcy payments. If however you are unable to wait until after you have returned from your medical leave to file bankruptcy, you can work with your bankruptcy attorney to convince the court that the leave will reduce your income and therefore your Chapter 13 bankruptcy payments should be reduced. If you have already filed for Chapter 13 bankruptcy and must take medical leave, you can work with your bankruptcy attorney to modify your Chapter 13 bankruptcy plan.

To find out more about how medical leave affects a debtor’s Chapter 13 bankruptcy plan, contact a Dallas-Fort Worth bankruptcy attorney toda.

According to an article in the Star-Telegram, Americans are drastically cutting back on spending as the number of job losses and bankruptcies continue to rise. The Conference Board reported this week that its Consumer Confidence Index is now at 49.3 percent, a significant decline from the May level of 54.8 percent.

The article said:

“Job security – a key factor in shoppers’ willingness and ability to spend – continued to plague consumers surveyed by the Conference Board. And the Labor Department, which reports June’s job data Thursday, is expected to show unemployment climbed. “Consumers are making a more somber and accurate assessment of the economy and their own financial position,” said Mark Vitner, senior economist at Wachovia. “Consumers may be thinking less bad is not good enough.”

As Americans watch their neighbors, friends and family members suffer job losses, foreclosure and eventually file bankruptcy, many are taking a more cautious approach with their money. There is a pervasive fear that job losses could soon move out of the realm of “others” to the very personal realm of facing a job loss that may actually send them to foreclosure or bankruptcy. Unfortunately, it is only now that some households are financially preparing for a possible job loss. The saving rates has been atrociously low for years; but Americans are now showing a renewed interest in savings. Some experts have even reported that a record number of American households have opted to save their stimulus payments or use them to pay off bills instead of spending the money at the mall.

Texas has one of the most generous homestead bankruptcy exemptions in the country. For Texans filing bankruptcy, the Texas bankruptcy law allows debtors to claim an unlimited value under Texas’ homestead bankruptcy exemption. For example, if your primary residence is worth $750,000 you would be allowed to claim the entire amount under your homestead bankruptcy exemption. But debtors who abuse the bankruptcy system could lose their right to their homestead bankruptcy exemption. For example if you lied or attempted to conceal property during bankruptcy, the court could revoke your homestead bankruptcy exemption. Or, attempting to defraud the court by wrongly applying a homestead bankruptcy exemption to a property that was not your primary residence could has forfeit your homestead bankruptcy exemption rights. Other reasons include:

• Spending money on your home to avoid paying creditors.
• Accruing debts by committing a crime.
• Being convicted of bankruptcy fraud.

To find out more about how bankruptcy can help you protect your assets, contact a Dallas-Fort Worth bankruptcy attorney today.

According to an article in the Dallas Morning News, the Obama administration is expanding the foreclosure prevention program to include borrowers who owe more than their homes are worth.

The article said:

“Housing secretary Shaun Donovan says borrowers who owe up 25 percent more than their home’s market value will qualify for government help refinancing their mortgages. The program currently is limited to borrowers who owe 5 percent more than their homes are worth.”

It’s good news that more homeowners will be eligible for the foreclosure prevention plan; but now we just need to convince mortgage lenders to participate. Millions of American homeowners are facing foreclosure despite the investments into the foreclosure prevention program that has failed to deliver results. Less that 200,000 homeowners have received help under this foreclosure prevention program, while millions more simply run out of time as they fight foreclosure. Homeowners who are underwater with their mortgage are particularly at risk for foreclosure. Even if they can no longer afford their mortgage it can be nearly impossible to sell their home at a price that will cover their mortgage. Many are simply choosing to walk away and relinquish their home to foreclosure.

If you are facing foreclosure and cannot qualify for help under the foreclosure prevention program, contact a Dallas-Fort Worth bankruptcy attorney today to find out how bankruptcy can stop foreclosure.

According to an article in the Dallas Morning News, Ford has experienced a 10.7 percent drop in sales in June; but they call the decline “steady progress” considering the overall state of the auto industry.

The article said:

“We’re making steady progress,” Jim Farley, the company’s group vice president of marketing, said in a statement. “We remain grounded, however, given challenging industry and economic conditions.”

Ford is the only U.S. automaker to avoid bankruptcy (so far) and the only one who has not accepted government bail out funds. But with both of its competitors (Chrysler and GM) emerging from bankruptcy free from burdensome debt, will Ford be able to compete? Chapter 11 bankruptcy gives companies advantages such as shedding high interest debt, burdensome labor contracts, pensions and toxic assets. Without bankruptcy a business cannot easily negotiate concessions from labor groups or creditors. And once their competitors shed many debt payments, profits automatically increase freeing up capital for investments that will provide long-term growth. It’s not yet clear how Ford will fair without bankruptcy in the long-term; but if their sales don’t improve significantly, bankruptcy may be an option they need to consider.

According to an article in the Dallas Morning News, General Motors Corp., is asking a bankruptcy judge to approve its plan to restructure itself into a new automaker, mostly owned by the U.S. government. Under the proposed bankruptcy plan, the old GM and its remaining assets will be liquidated and shareholders are expected to be wiped out. Also, some consumers who have claims against the bankrupt automaker may not be able to recoup any money.

The article said:

“If a person has a pending claim against the automaker for injuries sustained prior to June 1, or hasn’t filed suit yet for a past incident, they still will have to seek damages against the old company which is unlikely to have much left to pay claims. Under GM’s prior plan, the new company would have shed all of the past and future claims related to vehicles made by the old company, which is also what happened in the case of Chrysler, despite protests from consumer groups.”

This is a perfect example of how bankruptcy can give anyone (individual or business) a fresh financial start. Under the proposed bankruptcy plan, those seeking monetary claims against GM would need to get their money from the liquidated assets of the “old” GM not the new GM (the company with the most valuable assets). Most likely those claimants will be in line behind other creditors and if they are luckily will receive a fraction of what they’re owed. If they are unlucky, they won’t get anything. The irony of it all is that while GM stood in the way of ordinary homeowners who wanted to modify their mortgages in bankruptcy, it is more than willing to take full advantage of the bankruptcy system to their benefit.

The government has already “invested” over $75 billion to prevent a millions of foreclosures. But has that plan actually reduced the amount of foreclosures? The short answer is no. The long answer is a little more complicated. Originally, the government’s foreclosure program was supposed to save over a million American homeowners from foreclosure; but so far, only about 190,000 homeowners have received modifications designed to stop foreclosure. Millions more wait (often in vain) for a return phone call or letter from their lender regarding a modification of their mortgage so that they can avoid foreclosure. Right now there are 2.4 million Americans in foreclosure with very little hope of receiving help from the foreclosure prevention plans created by our government and underutilized by lenders.

So, where’s the problem? The problem is that lenders do not have a strong incentive to participate in these foreclosure prevention programs. The government has agreed to give lenders $1000 for each foreclosure they prevent; but lenders are hardly jumping at the opportunity. Also, the foreclosure prevention program is voluntary, which means that the industry that created this foreclosure mess is not required to play an active and decisive role in undoing the mess. The result is that many homeowners facing foreclosure are left waiting in limbo, hoping that their lender will voluntarily agree to modify their mortgage. Most of them are waiting so long that they end up succumbing to foreclosure despite their best efforts. Don’t let this happen to you.

If you are facing foreclosure and want to save your home, speak with a Dallas-Fort Worth bankruptcy attorney to find out how bankruptcy can help you.

According to an article in the Dallas Morning News, Dallas-Fort Worth area apartment rents are seeing declines by as much as 8 percent in some Dallas-Fort Worth neighborhoods. Also, Dallas-Fort Worth apartment vacancy rates are at 10 percent, despite the rise in foreclosures throughout the community.

The article said:

“So far this year, North Texas tenants have moved out of more than 6,900 apartments than were rented. And there were 840 net move-outs during the second quarter alone, M/PF Research says.
As vacancy rates rise to 10 percent, an additional 21,331 D-FW-area apartments are still in the development pipeline.”

Many experts say that as the foreclosures and job losses continue to rise, many families are living in one home with several generations—grandparents and grandchildren included. Many Dallas-Fort Worth homeowners who have suffered a foreclosure are forgoing apartments and opting to move in with family or friends to save cash or simply because they don’t have income to rent their own place. The downside of all of this is that apartment properties may begin to experience their own financial woes if the economic environment continues to push down rental prices and elevate vacancy rates. We may begin to see a rise in apartment building foreclosures and even more commercial real estate bankruptcies if apartment rental prices continue to fall.

According to an article in the Star-Telegram, 127 employees at GE Capital Corp. have suffered job losses at the company’s Bedford operation.

The article said:

“The company said it is restructuring its GE Capital Americas, which has an operation at 2208 Texas 121, according to a Texas Workforce Commission filing. About 34 employees were let go between March 18 and June 16, then 93 employees were laid off June 17. About 490 were employed when the layoffs began, the filing said. The company said it has “tentative plans” to lay off 56 more employees in the next 90 days, which would bring the total to about 37 percent of its staff at that location, according to the filing. “We anticipate that these plans, when finalized, will be permanent,” GE said in the filing.”

The unemployed workers will receive a severance package, including medical coverage for up to 12 months. GE’s job losses are just the latest in a long line of job losses coming from many companies across the country. Most of those workers experiencing job losses don’t have the benefit of a severance package and are often subjected to the expensive COBRA health plan that allows them to continue receiving health insurance under the former employer’s health insurance plan. But even for workers who have suffered a job loss and received a severance package, unemployment often hold many nasty surprises. Most Americans are living way beyond their means, so when they experience a job loss, it can be a devastating blow even with a severance package or unemployment insurance They are most likely already deep in debt, have a large mortgage and have failed to save any significant amount of money. For those unemployed workers, a job loss could mean financial disaster. For deeply indebted workers who suffer a job loss, bankruptcy may be the best solution, especially if their unemployment status is prolonged. To find out how bankruptcy can protect the assets of debtors who have experienced a job loss, contact a Dallas-Fort Worth bankruptcy attorney today.

According to an article in the Dallas Morning News, Dallas-Fort Worth home prices have declined by 5 percent in April compared to the previous year. Nationwide, home prices have fell 18.1 percent.

The article said:

“The biggest annual declines in April were recorded in Phoenix, down 35.3 percent; Las Vegas, down 32.2 percent, and San Francisco, down 28 percent, Case-Shiller found. Denver, down 4.9 percent, and Dallas, down 5 percent, had the slightest price declines in the markets surveyed.”

With a record number of foreclosures affecting almost every city and town in America, home prices are being pushed downward. More foreclosures on the market means lower housing prices overall, causing a domino affect that leaves many otherwise secure homeowners vulnerable to weak home values. Many of the homeowners are now underwater with their mortgages because local foreclosures are pushing down the value of their home. Some of these homeowners negatively impacted by the foreclosure crisis, may be able to wait out the storm; but many of them may not have the financial flexibility to remain in their home until the foreclosure crisis has subsided. A job loss, sudden illness or any other financial emergency could make it necessary for a homeowner to sell his/her home; but the foreclosure crisis could make it next to impossible to sell a home at a price that will cover the mortgage.

If you are a homeowner who is facing foreclosure because of declining home prices, a job loss, medical emergency or any other reason, speak with a Dallas-Fort Worth bankruptcy attorney to find out how bankruptcy can stop foreclosure.

According to an article in the Star-Telegram, Americans’ with good credit scores are facing foreclosure as their finances take a beating.

The article said:

“Americans carry $2.56 trillion in consumer debt, up 22 percent just since 2000, according to the Federal Reserve. The average household’s credit card debt is $8,565, up almost 15 percent from 2000. And a report out last month said borrowers with good credit now make up the largest share of foreclosures.”

It’s quite alarming that those with “good credit scores” are now the majority of homeowners facing foreclosure. Just more proof that foreclosure isn’t just affecting “irresponsible” borrowers, it is also affecting homeowners who have historically been reliable credit consumers. Many homeowners facing foreclosure are the victims of job losses, depressed home values and the credit crisis.  They are facing impossible obstacles as they attempt to save their homes from foreclosure and there are few reliable options to fight foreclosure other than bankruptcy.  Unfortunately, many of our legislators failed to protect homeowner from toxic loans when they refused to pass legislation allowing homeowners to modify mortgages during bankruptcy. Since then, billions of dollars have been “invested” in foreclosure prevention programs and not only has the foreclosure rate continued to climb it is now affecting those borrowers with good credit scores.  So is it really the borrower that is at the root of the problem? If those with good credit scores are now facing a record number of foreclosures, logic may suggest that the actual mortgages may be at least part of the problem.

If you’re facing foreclosure, contact a Dallas-Fort Worth bankruptcy attorney to find out how bankruptcy may help you save your home.

According to an article in the Chronicle, Michael Jackson died with over $400 million in debt, despite his superstar status, platinum albums and the millions of dollars he earned each year. According to the article he was only paying $4.5 million a year (as of 2006) to service his debt, but it wasn’t nearly enough.

The article said:

“The New York Times reported in 2006 that the previous year Jackson was making monthly payments of about $4.5 million on $270 million in debt. “That works out to an annual interest rate of about 20 percent, a toll more familiar in the worlds of credit cards, subprime lending and loan sharks and not commonly encountered by wealthy people with substantial assets,” the Times reported.”

For years, it seemed as if Michael Jackson was teetering on the edge of bankruptcy; but he never took the leap.  Sound familiar?  Instead, he died buried in debt leaving a pile of IOUs for his loved ones to sort out.  If Michael Jackson had filed bankruptcy it may have been possible for him to discharge much of his debt and get on a reasonable bankruptcy repayment plan to repay those debts that could not be discharged.  Bankruptcy gives a second chance to everyone, including megastars.  But most of us, megastars included, avoid bankruptcy because of embarrassment, shame and pride. Bankruptcy is a powerful tool that could have offered so much protection to Michael Jackson, his assets and his heirs even if he had died while the bankruptcy case was still open.  When a debtor dies during a bankruptcy case, the bankruptcy case continues without the debtor and a judgment is made based on the available information.  It is very possible that if Michael Jackson had filed bankruptcy and then died during the case, he would have still received a bankruptcy discharge for some of his debts. That would have at least freed his heirs from repaying those particular debts in probate court.  But as it stands, Michael Jackson’s creditors will have the right to aggressively pursue his assets and demand repayment of debts from the liquidation of those assets. And it is very possible that once Michael Jackson’s creditors are paid there may be very little left for his children and other loved ones left behind.

Are you considering bankruptcy, but are worried about what will happen to a co-signer?  Well, there’s good news and there’s bad news.  If a debtor files for Chapter 7 bankruptcy, the debt can be discharged, freeing the debtor from any further repayment obligation; but the co-signer on that debt may still be responsible for repaying it.  For example, if a debtor purchased a $15,000 vehicle with a co-signer, filed bankruptcy, returned the car; and the creditor was unable to sell the car for a price large enough to cover the loan–the balance might be discharged in bankruptcy; but the creditor still has the right to pursue the co-signer according to the agreement he/she signed.

On the other hand, if a debtor files for Chapter 13 bankruptcy, the co-signer will be protected under certain circumstances.  Generally speaking, if a debtor is making regular payments through his/her Chapter 13 bankruptcy plan, the creditor cannot legally pursue the co-signer.  The creditor can only legally pursue the co-signer if the primary debtor files Chapter 7 bankruptcy, fails to make payments through his/her Chapter 13 bankruptcy plan or it becomes clear that the primary debtor will not repay all of the debt through Chapter 13 bankruptcy.

To find out more about bankruptcy and co-signers, please contact a Dallas-Fort Worth bankruptcy attorney today.

As more businesses file bankruptcy, many consumers, who are also facing financially tough times, are finding themselves losing money on prepaid purchases, gift cards or even wondering about the validity of a warranty.  Here are a few tips on how consumers can protect themselves when businesses file bankruptcy:

Avoid pre-paying for products/services sold by companies nearing bankruptcy.  Sometimes a consumer who pre-pays for products/services sold by a bankrupt company may find that they are unable to recoup their money because the money and the product have been declared part of the company’s assets.

Conventional wisdom has said (until recently) that it was safe to buy gift cards from large retailers.  But since the bankruptcy (and liquidation) of gigantic companies such as Circuit City and Shaper Image, the new advice is to use gift cards as soon as they are purchased and avoid purchasing gift cards from companies that are nearing bankruptcy. If a consumer is holding a gift card of a bankrupt company he/she runs the risk of losing the money on that card.

When making large purchases such as a new car, it’s important to make sure that the company will honor the warranty even if they enter bankruptcy.  It’s important to carefully review any warranty you receive especially on large purchases with companies who may be nearing bankruptcy.

According to an article in the Star-Telegram, the new income contingent repayment plan for federal student loans is now available.  Under the new plan, borrowers can repay their student loans based on their income and the balance will be forgiven after 25 years.

The article said:

“The income-based repayment plan applies to the Federal Family Education Loan, and to Direct Loan borrowers on all Stafford and graduate PLUS loans. Monthly payments would amount to less than 10 percent of income for most of the estimated 1 million people expected to enroll, experts say. Payments would never exceed 15 percent of any income above about $16,000 a year (or 150 percent of the poverty level). Those who earn less than $16,000 would not have to make any monthly payments.”

Borrowers who sign-up for this program should be cautious because the overall cost of the loan may increase due to accruing interest and you still may not have a balance to forgive after 25 years.  Do the math to make sure that you will benefit from this program before you apply. You can also visit http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRCalc.jsp to use the estimated payment calculator.  This calculator will estimate how much money you will be required to pay each month on your student loan if you’re approved for the income contingent repayment program. You may want to compare the monthly costs and long-term costs of each repayment program before you commit.

If you are currently unemployed, you can ask for a temporary deferment while your income contingent repayment application is being approved. Read our previous blog “More Relief For Debtors With Student Loans” (http://www.allmandandlee.com/bankruptcy_blog/student-loans/more-relief-for-debtors-with-student-loans/) to find out more about the various programs designed to help student loan debtors.  Also, remember that although most debtors cannot discharge their student loans in bankruptcy, student loans can be repaid through Chapter 13 bankruptcy.  Contact a Dallas-Fort Worth bankruptcy attorney to find out more about how student loans are handled in bankruptcy.

We’ve heard a lot about how homeowners are affected by foreclosure; but much less about the renters who also fall victim to foreclosure.  There are 95 million renters in America and every last one of them is vulnerable to eviction because of the current foreclosure crisis.  Many renters are just as financially vulnerable when facing foreclosure as their homeowner neighbors, if not more vulnerable.  Because renters don’t have control or knowledge over whether the mortgage is paid or not, they are often caught by surprise when a foreclosure strikes.  This leaves them less prepared to move and find affordable and appropriate housing.  When the foreclosure crisis began, many renters where facing eviction often with nothing but a few days notice putting them at risk for homelessness.  Fortunately for all of us, Congress passed a law requiring that when a lender or new owner takes possession of a foreclosed property they allow renters to remain in the property for 90 days or allow them to finish their lease.

Under this new legislation renters are made less vulnerable to the financial side effects of foreclosure.  If you’re a renter facing an eviction because of foreclosure make sure that you let the new owner know that you are aware of your rights. If you are being forced out before 90 days or before your lease expires, you may want to contact an attorney or housing advocate. If you are facing eviction because of non-payment of rent and are facing other financial difficulties you may need to consider bankruptcy.  Contact a Dallas-Fort Worth bankruptcy attorney for more information about renters and bankruptcy.