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August 2017 Archives

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.

Some trustees are seeking too much information in bankruptcies

Texas residents interested in bankruptcy matters might like to know about what trustees are allowed to do in bankruptcy cases. With Chapter 7 bankruptcy, trustees may liquidate a debtor's assets in an effort to pay back creditors. As part of this process, two trustees in Maryland have demanded access to debtors' online accounts. However, people and groups have raised concerns about this practice.

What is the means test?

Even though you may feel as if you are drowning in debt, you must still find out if you qualify to file Chapter 7 bankruptcy in Texas. This is done through the means test, and according to, if most of your financial difficulties are from consumer debts that you cannot pay, you will probably pass.

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.