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November 2015 Archives

Reality television star filed for Chapter 7 bankruptcy

Texas residents who watch reality television shows may be aware that several prominent reality stars including Sonja Morgan, Teresa Guidice and Alexis Bellino have filed bankruptcies in recent years after running into financial problems. Morgan appeared on 'Real Housewives of New York," Guidice found stardom on 'Real Housewives of New Jersey" and Bellino is best known for her appearances on 'Real Housewives of Orange County." Media outlets reported on Nov. 23 that Robyn Dixon, who found fame after being cast in 'Real Housewives of Potomac" had also previously filed for bankruptcy.

Mortgage payment changes in bankruptcy

Many people in Texas who file for Chapter 13 bankruptcy do so because they would like to be able to keep their home. Because Chapter 13 is a debt repayment plan, it is critical that the homeowner and the bankruptcy trustee be kept up-to-date on any changes in payments to creditors. This is because the majority of the homeowner's income is going toward paying off old debt. Changes can significantly disrupt the homeowner's budget and repayment schedule.

New program could help Texas student loan borrowers

On Oct. 27, the Department of Education announced the implementation of Revised Pay as You Earn (REPAYE). It is in an income-based repayment plan that caps borrower payments at 10 percent of their income and has been extended to all borrowers regardless of when they took out their loans. The original PAYE program was only available to those who took out loans prior to October 2007.

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