Christopher Todd Morrison, P.C.
Affordable Bankruptcy
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bankruptcy Archives

Coping with the financial fallout of a natural disaster

Texas residents who have been impacted by natural disasters may accumulate debt while trying to cope with the aftermath. As simply paying for food and a hotel room after fleeing from home can cost hundreds of dollars a day, the expenses could be tough to manage. Those who have accumulated debt in a disaster might want to talk to their creditors about special payment arrangements.

Using debt consolidation to pay off consumer debt

Texas residents who have a lot of consumer debt may be able to find relief through debt consolidation if they are serious about and dedicated to improving their financial situations. In a debt consolidation, a person's high-interest debts are consolidated into one payment at a lower interest rate.

Credit card delinquencies on the rise

Major banks and credit card companies such as Capital One and JP Morgan Chase have reported that credit card delinquencies are up for the second straight month. This marks a reversal from a four-month run in which credit card delinquencies had been falling. It is likely that many Texas card holders have contributed to this trend.

How older Americans can deal with debt

Texas seniors who are in debt are part of significant portion of the country's older population. According to a report by financial education site MagnifyMoney, one-third of Americans over the age of 50 have non-mortgage debt that they carry from month to month. In addition to that, credit card debt for older people tends to go hand-in-hand with lower net worth and low bank account balances.

Dealing with credit card debt after death

Many Texas families are overwhelmed with tasks and concerns as well as grief after the death of a loved one. Not only do they need to emotionally process the loss, there are a number of practical arrangements that must be immediately addressed. Some of those include financial matters and the resolution of an estate, even if the decedent had very limited assets.

Consolidation does not solve debt problems on its own

Texans who are considering debt consolidation might not know that it is not the only way to solve debt problems. One man who turned to debt consolidation to deal with his money issues found that while it was effective in many ways, it did not solve the problem completely. A credit counselor commenting on his case noted that debt consolidation is more like a bandage than a cure for financial issues, and cutting spending is the way to address the real problem.

Possibilities for discharging student loan debt

Texas residents may have heard that student loan debts cannot be discharged. However, there are some unusual circumstances in which this may be possible. For example, if a school closes while a student is enrolled or within 120 days of the student leaving the school, the student loans may be discharged. Another unusual situation is if the college is found to have violated state laws. It is necessary to prove that the violation was related to the student's education or loans such as taking out loans based on deceptive information.

Options for consolidating credit card debt

Texas residents who are struggling with credit card debt but still have good credit might consider a no-interest balance transfer credit card to consolidate their debt. Another consideration might be getting a personal loan if the interest rates are lower. They could also apply for a home equity loan or line of credit.

Know your options if you are being harassed by creditors

Being in debt is an incredibly stressful situation. You can be worried about losing your home, having your utilities shut off and being in debt forever. On top of this, you may also be struggling with job loss or difficulty finding a job, medical care and other situations that often contribute to debt.