Daniel Herrin, Author at Herrin Law
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Author: Daniel Herrin

The whole point of filing bankruptcy is to get you a fresh start, which includes increasing your credit score. Almost all of my clients see a credit score increase post bankruptcy filing. The reason for this is simple: they drastically reduced their amount of debt. I tell most of my clients that filing bankruptcy and receiving your discharge is a lot like turning 18 again. Your past has been reset and the actions you take now,...

Financial mindfulness is really about being more aware of your current financial situation. Clarity is the key to improving your finances. The first step is to get clear on where you are right now. This means spending a few hours on a weekend or after work and really assessing your current situation. I have laid out the steps you should take below: Identify all debt accounts and write them down or put them into a spreadsheet. Include...

Financial stress is the number one cause of stress in adults. Most people get so used to being stressed that they no longer recognize or know what living a life with minimal stress is like. Being stressed is their new normal. When someone is stressed financially, it impacts them 24/7. I describe it like a background noise that never goes away. Even when they are not consciously thinking about their finances, their subconscious mind is. Financial stress...

Medical Debt can cripple you. Not only do you have to deal with the actual health issue but you have to contend with the financial stress that comes with it. Most people who suffer serious medical problems can incur hundreds of thousands of dollars in medical bills and if you don’t have health insurance, it's impossible to afford that. If that wasn’t enough, you never really know how much your medical bills are going to be until...

There are really 3 main laws that regulate debt collection. You have the Fair Debt Collection Practices Act (known as FDCPA), which is a federal law. You also have the Texas Debt Collections Act (known as TDCA or TDCPA), which is a Texas law. In addition there are Fair Credit Reporting laws that come into play as well. Creditors can sometimes violate both the FDCPA and the TDCPA and oftentimes, when they violate one, they violate...

The reason debt collectors file lawsuits is because they work. Nothing scares a person more than getting served with a lawsuit. There is this fear that if they don’t do anything they could get into serious trouble. Some people falsely believe that they could go to jail or face criminal charges because of the lawsuit. The Debt Collectors do everything they can to stoke the flames of fear. They make misrepresentations about what can happen, they...

When you file bankruptcy, you are required to disclose all of your assets. This includes any inheritance you may receive (even if you have not received it). The most important fact regarding an inheritance is when the person passed away.  If you receive the inheritance before filing, then you should discuss with your attorney on whether to proceed with filing. In most situations, the inheritance will be non-exempt, which  means you won’t be able to...

The idea of bankruptcy is scary. There is a negative stigma associated with it and most people do everything in their power to avoid having to consider it. However, a lot of the fears associated with bankruptcy are unfounded and simply put, are not true. 1. My Credit Will Be Ruined Forever A lot of people believe that they will never recover from filing bankruptcy. They believe that their credit will forever be tarnished. However, the facts...

Outside of Bankruptcy, Creditors have a lot of power. If they file a lawsuit and obtain a judgment, they can severely impact your life and your finances.  The first thing a judgment creditor can do is garnish your bank account. In some situations, depending on where your employer is located, they also may be able to garnish your wages. The Texas Constitution prohibits wage garnishment but if your employer operates in another state that allows...

For most people, considering filing bankruptcy is extremely stressful. You are dealing with creditors calling you, lawsuits being filed against you and your credit score tanking. In addition to that, there is the stigma associated with bankruptcy. Filing bankruptcy for many people feels like they are a complete failure, it’s like they are giving up. This is why I see so many of my clients struggle for years with their finances. They think filing bankruptcy...