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November 2014 Archives

Chapter 7 bankruptcy

Texas debtors who are considering bankruptcy may wonder what chapter 7 bankruptcy entails. The chapter, also known as liquidation, involves the selling off some of the debtor's property and assets in order to pay a small portion of the owed debt. Texas law does exempt certain categories of property from liquidation, so although debtors may lose some property, they will also be allowed to retain some as well.

The statute of limitations on credit card debt in Texas

Texas law states that any credit card debt that has been delinquent for more than four years may no longer be enforced by a civil suit. This statute of limitations was created by the legislature to protect consumers from onerous lawsuits that they could not properly defend themselves against because too much time had passed for them to still have access to the relevant exculpatory evidence.

Understanding debt collection in Texas

Texas residents may benefit from learning more about debt collection as described by the state's attorney general. When consumers fall behind in debt, they can typically contact the creditor, explain the issue, and negotiate to refinance or modify the current payment plan. Ultimately, it is easier for creditors to resolve debt issues without enlisting the services of a third-party debt collection company. While the debt collector has effective strategies for recovering debts from indebted customers, there are still laws in place to protect consumers' rights.

Facts about credit card usage in Texas

Having a credit card is a big responsibility. However, having a credit card does not have to put a person in debt for the rest of their life. In fact, one of the largest myths is that using a credit card means carrying a large balance from month to month. By paying off the debt each month, a person can use credit without paying interest or going into debt.

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1312 14th Street, Suite 100
Plano, Texas 75074

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

Phone: 903-813-4778
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Dallas, Texas 75206

Phone: 214-733-1775
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