The recession has been hard on retirees for a number of different reasons, but at least they have a good option to turn to.

According to an article in Newsweek, the “over-55 crowd” is now the most likely to file for bankruptcy.  A confluence of events lead to this, and here are some of the causes: [...]

For debtors considering Chapter 7 bankruptcy, determining if their income level makes them eligible for Chapter 7 bankruptcy involves taking a “means test.”  Typically, debtors who earn above the median income level for their family size must file Chapter 13 bankruptcy.
The median income for Texas is:
One person: $38,545
Two people: $54,908
Three people: $57,053
Four people: [...]

According to an article in the Dallas Morning News, the Texas unemployment compensation fund is out of money and relying on loans from the federal government to survive. New taxation for businesses is probably the only way to get out of the red; but officials are hesitant to hit businesses with higher taxes during this [...]

After filing for bankruptcy, a debtor’s credit card purchases will come under scrutiny by the bankruptcy trustee at the 341 meeting.  During the 341 meeting, the bankruptcy trustee will probably ask the debtor questions about what assets they purchased with their credit card and which of those assets do they still have.  For example, [...]

Community property rules have positives and negatives, but if you live in Texas you have to abide by them.
When the subject of marriage and bankruptcy comes up, the next thing often mentioned is community property.  Depending upon where you live, this may or may not mean anything to you, but Texas is one of nine [...]

According to an article in the Dallas Morning News, Texans are defaulting on their student loans at an alarming rate.
The article said:
“In Texas, 9.3 percent of borrowers defaulted on their federal student loans last year – the highest rate in nearly a decade. Only Arizona had a higher rate, 9.8 percent. The national average [...]

According to an article in the Star-Telegram, the Texas unemployment rate hit 8 percent for the first time in 22 years.  The last time the state experienced unemployment numbers that high was during the 1980’s oil bust.  But despite Texas’ high unemployment rate, the state is still fairing better than the country as a [...]

Both state and federal law provide for property exemptions–items that you can keep even after the bankruptcy process ends.

The Texas Tomorrow Fund (now known as the Texas Guaranteed Tuition Plan) which allowed parents to prepay for tuition at locked-in rates is facing bankruptcy.  The now-closed fund, also promised that if a child dies or received a full scholarship, parents could cancel the contact and receive a payout based on current tuition and fees [...]

The metroplex continues to feel the pain of unemployment as updated stats were announced today in the Denton Record-Chronicle.  The City of Denton and Denton both experienced significant increases in their unemployment rates.   The article stated:  “Denton County’s unemployment rate reached 7.6 percent in June, up a full point from 6.6 percent in May. The [...]

Divorce can often be a big factor when people are making the tough decision whether or not to file for bankruptcy.  Sometimes, divorce is the cause of the financial hardship leading the individual toward bankruptcy.  Other times, individuals need to know what the requirements are when it comes to divorce settlement proceedings if you already [...]

According to an article in the Star-Telegram, America’s foreclosure crisis is hitting cities hard, forcing them to cut back on services and implement job losses. Unfortunately, Dallas-Fort Worth is amongst the foreclosure casualties.
The article said:
“…NLC research director Christopher Hoene warned that cities including Los Angeles, Dallas and Chicago have explored cuts to public safety as [...]