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bankruptcy attorney Tag

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...

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...

You should be talking directly to your attorney about any actions you want to take prior to filing bankruptcy. The court looks closely at any recent transaction and in particular, pays close attention to transactions done within 90 days of filing your bankruptcy. If the Court sees you preferring one creditor over the other prior to your filing, that may create issues in your bankruptcy due to preferential treatment. For instance, if you have credit cards...

In Texas, your primary residence is protected under the homestead exemption. Unlike other states, Texas provides an unlimited homestead exemption. This means if you have $300,000 in equity in your home, it is protected from your creditors and the bankruptcy trustee. However, there are some unique exceptions you must be aware of. The first rule that could impact your homestead exemption is known as the 1215 day rule. This means, if you purchased your home within the...