Texas residents in their late 30s through their early 50s are more likely to have medical debt than any other generation. On average, Generation X owes more than $19,000 in medical debt compared to millennials, who owe $11,622 and baby boomers, who owe an average of...
Generally speaking, Chapter 13 bankruptcy gives debtors the right to modify their mortgages by dividing the debt into a secured portion that is equivalent to the value of the property if it were to be sold today and a portion that is considered unsecure. However, this...
Many Houston residents are struggling with high debt levels. In many cases, these folks may want to do the right thing and meet their obligations to creditors. For those who are employed and have retirement accounts, borrowing from a 401(k) may be a tempting debt...
Some people in Texas who are struggling with debt might be able to use a 401(k) hardship withdrawal. Only certain types of 401(k) plans allow this type of withdrawal, and it can be used only for specific types of expenses. 401(k) hardship withdrawals can be used for...
Many families in Texas struggle with credit card debt. Across the U.S., Americans owe about $905 billion in credit card debt. That works out to around $15,654 per household. While this seems like a lot, other debts are even worse. The total amounts owed on mortgages,...
Many people living in Texas struggle to pay their bills. While some financial difficulties are temporary, other individuals and families find it impossible to catch up. In these cases, bankruptcy may be an appropriate option. There are two primary kinds of consumer...
Texas residents and others who file for bankruptcy may believe that they have no chance of buying a home. However, this is not necessarily the case. For many, the biggest obstacle standing in their way of home ownership is time. In some cases, a person may need to...
Older Americans in Texas and throughout the country are filing for bankruptcy more often than they have in past years. Individuals between the ages of 65 and 74 comprise 8 percent of all bankruptcy filings. This is an increase of 1 percent since 2008, and many people...
Texas residents who make contributions to a 401(k) plan can generally claim those deductions as expenses when filing for Chapter 13 bankruptcy. A trustee in one case claimed that a debtor needs to make contributions in the six months proceeding bankruptcy for them to...
Some consumers in Texas may be contacted by collectors of what is known as "phantom debt." This term is used to describe debt that is either already paid off or never belonged to the person. According to the Consumer Financial Protection Bureau, in 2016, more than 40...