Individuals who are struggling to pay their bills may decide to file for protection from creditors. Those who want to keep their Texas home or other property will want to file for Chapter 13 bankruptcy. In a Chapter 13 case, debtors make payments to creditors over a period of three or five years. Child support, back taxes and alimony payments are considered priority debts, which means that payments are applied toward those balances first.
People in Texas may have options for defending themselves when sued by debt collectors. If a debtor takes no action to respond to a lawsuit, a judge will side with the plaintiff, who is the debt collector. The resulting judgment could give the collector the right to garnish the debtor's wages or seize his or her assets. To potentially prevent this default judgment, a debtor could demand that the plaintiff show documentation that proves the right to sue in the first place.
If you are like many of your friends and relatives in the Houston area, you work hard every day to support yourself and your family. Unfortunately, though, with rising housing and other costs, making ends meet can be difficult. If you have a credit card, you may rely on it to help you make up the difference.
Many people in Texas have around three or four credit cards. A study by The Ascent found that, on average, millennials have three credit cards while baby boomers and Gen Xers have four. In all age groups, 1 in 10 people said they had six or more credit cards. There are advantages and disadvantages to having multiple credit cards.