The Texas legislature has established rules and regulations regarding debt counseling and education in the Texas Finance Code. Chapter 394 is dedicated to debtor assistance and Section 394.001 sets forth the duties of the consumer credit commissioner, also sometimes referred to as the debt commissioner.
Life can be a struggle. Whether you are an average consumer or a small business owner, it is possible to wind up facing a tidal wave of debt and feeling as if there is no way of avoiding an inevitable crash.
Just imagine you got your credit card statement in the mail and you cannot afford your minimum payment. You need a bit more money so you can pay your bill, so you turn to a car title loan company. You fill out some paperwork and you use your car's title as collateral. It's a simple way to get some money, so what is the problem?
April is Financial Literacy Month. If you've never heard that, don't be surprised. The designation hasn't been attached to the month for very long and it hasn't gotten a great deal of media attention in Texas or other states. Considering how tough the financial environment has been recently and how that influences discussions about bankruptcy, it seems like a good thing to highlight.
To a person facing significant debt, debt settlement schemes can have a forbidden-fruit effect. The relief they claim to offer -- such as full debt relief in a month -- is almost too good to pass up. Yet, most consumers who take this route find the opposite of relief; they end up with even more debt.
In recent years, job losses and the mounting debt that follows have made it more difficult for some people to keep current on their bills. Unfortunately, when people go into debt, they must often face phone calls and other contact from their creditors, often making a bad situation much worse.
Filing for bankruptcy protection is a remedy that many citizens in debt have had to pursue since the recession began over 4 years ago. There were thousands who experienced one of the wage earners in the family lose a job or take a substantial reduction in income.
If someone needs to file bankruptcy, then Chapter 7 is typically the chapter that we recommend that they file because it is the quickest, easiest, cheapest, and it usually does the most for the client. Chapter 7 bankruptcy is available to debtors who have not filed for protection under that Chapter in over 8 years, and who pass Congress's 2005 litigation better known as the "Means Test."
Credit card debt can literally wear you out. The debt isn't so bad, but ridiculous interest rates and over the limit fees and late payment penalties can make you feel like even if you are trying your best, all of your efforts are in vain. Most people turn to the Bankruptcy Code for debt relief if a major life event has occurred which has forced them to seek their debt relief options.