Christopher Todd Morrison, P.C.
Affordable Bankruptcy

bankruptcy Archives

Fed chair says it should be easier to discharge student loans

Many Texans struggle under the weight of their student debt. Unfortunately, however, these obligations are very difficult to discharge in bankruptcy. A large part of the reason is because Congress has passed several laws beginning in the 1970s forbidding the discharge of these types of loans in most cases.

Credit card debt burdens are high in Texas

Houston residents earning the metro area's average wage would have to work for 20 months to pay off the city's median credit card debt, and it would cost them $799 in interest to do it, according to recent a report from The consumer financial advice website used the 13 percent interest rate to perform the calculations from the Federal Reserve's most recent consumer credit report. This grim statistic makes Houston's average debt burden the third highest in the country, and the figures suggest that families in many parts of the Lone Star State are struggling to cope with their credit card bills.

What a trustee does in a a bankruptcy case

Texas consumers who are struggling to pay their bills may opt to file for bankruptcy. When a case is filed, a trustee will be appointed to oversee it. In Chapter 7, this person will inventory a debtor's assets and move to liquidate any nonexempt property. In some cases, a debtor has nothing to liquidate. In such a scenario, the trustee will notify the court that it is a no asset case.

Americans get debt for the holidays

People in Texas might be in for some post-holiday buyer's remorse when they see their incoming credit card statements. Overall, Americans spent a lot during the 2017 holiday season, and many of their purchases were charged. A recent MagnifyMoney study claims that the average American consumer put themselves a little more than $1,000 in debt due to holiday spending. Furthermore, many of those people expect paying off that debt to be a slow process.

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.