You’ve Been Served
May 31st, 2008You’ve just been served papers by a creditor for not paying on your debt. Now what?
Being sued by a creditor should be taken seriously because there are implications and consequences to this action. It can be scary to be served legal papers. It can also be quite embarrassing if you were served at your […]
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Wage Garnishment
May 30th, 2008Can creditors garnish wages?
The answer depends on what state you live in. In Texas, the answer would be no. Most wages are protected from garnishment under Texas law. Your wages are yours, free and clear. So if you get behind on a credit card, a signature loan, or any other type of private debt […]
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Can Unpaid Debt Send You to Jail?
May 28th, 2008Is it possible that not paying on your debts could land you in jail? The answer is no.
Unfortunately there are some unethical creditors and debt collectors out there that make inaccurate and illegal threats. There is no debtors’ prison. A long, long time ago people were put in jail for not paying on their […]
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Marriage and Bankruptcy
May 27th, 2008 What happens when only one spouse files for bankruptcy? First, we have to understand the background behind the situation. How was the debt incurred? What is the financial relationship between the spouses? Just because you’re married it does not necessarily means that you both owe on the same debts.
The debt and property you acquire […]
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Bankruptcy and Exemptions
May 23rd, 2008Many people have the misconception is that the government is going to come and seize all their property once their debt is discharged through bankruptcy. This is simply not true.
Most people that file for bankruptcy keep all of their property. The reason they are able to do this is because there are exemptions provided under […]
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Bankruptcy and Your Credit Report
May 22nd, 2008When you file for bankruptcy, it is a negative connotation on your credit report. However, filing for bankruptcy can actually help improve your credit over an extended period of time.
One of the factors lenders look at when deciding to loan people money is the applicant’s debt to income ratio. This is a percentage based […]
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House Foreclosures and Bankruptcy
May 21st, 2008If your house has already been foreclosed on, is there any reason to still file for bankruptcy?
The answer is unequivocally Yes. You may still want to consider filing for bankruptcy after foreclosure because you may have a deficiency balance. What’s that? A deficiency balance is the difference between what you still owe the creditor […]
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When To Avoid Debt Reaffirmation
May 20th, 2008A reaffirmation of debt is only a good idea when you get something out of it, like keeping a good car or the home you live in. If you get a reaffirmation agreement for an unsecured debt, like a major credit card, it defeats the entire purpose of filing for bankruptcy.
You went through the […]
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Dallas Bankruptcy - Reaffirming Debt
May 19th, 2008When you file for a Chapter 7 bankruptcy, all of your contracts and debt are voided out.
It’s that powerful.
It will wipe out your financial responsibilities for everything. But there are some types of debt that you may want to keep, for example, your car or your home.
Let’s say that you have found […]
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Dismissed or Discharged?
May 16th, 2008What is the difference between a bankruptcy case being dismissed and discharged? It is common to confuse these two terms in reference to bankruptcy proceedings. One of these is positive, while the other is negative.
You may not be able to guess now which is which, but it’s important to know that if your bankruptcy […]
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