Pelley Law Office LLP
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August 2015 Archives

Department of Education to develop loan forgiveness regulations

Cases involving students in Texas and around the country being defrauded by their colleges have prompted action by the U.S. Department of Education. It has announced that it will start to develop regulations in September 2015 to establish procedures designed to allow students who have been defrauded to seek loan forgiveness. The department also aims to implement steps to evaluate such claims and determine the liability for fraud of the schools concerned.

Abandoning a foreclosure too soon could create a problem

Many people in Texas don't know that once they get a foreclosure notice in the mail, it could be several years before the bank repossesses their home. In some cases, banks change their minds about pursuing a foreclosure but fail to inform the homeowner. When a homeowner abandons their house because of an impending foreclosure, they could be unwittingly creating a 'zombie foreclosure."

The prevalence of credit card debt

Just because buying things with plastic is easy does not mean that every Texas cardholder can pay off a credit card balance every month. Looking at national data from the Federal Reserve, total credit card debt amounted to $901 billion as of May 2015. This represents a 3.19 percent increase from the $839.5 billion in credit card balances from May 2014.

People in Texas cities have more credit card debt

A new report by CreditCards.com ranked two Texas cities among the most debt-burdened cities in the country. According to the report, credit card holders in Dallas and San Antonio owe an average of around $4,900. Although the debt burdens in San Antonio and Dallas are about 10 percent higher than the national average, average incomes in these cities are average to low.

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Plano Office
1312 14th Street, Suite 100
Plano, Texas 75074

Phone: 972-608-0335
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Sherman Office
905 North Travis Street
Sherman, Texas 75090

Phone: 903-813-4778
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6060 North Central Expressway, Suite 602
Dallas, Texas 75206

Phone: 214-733-1775
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