Rebuilding credit after bankruptcy: yes, it’s doable
Facing up to financial life in modern-day America often involves tradeoffs between short-term and long-term goals. For example, someone who is in urgent need of debt relief may try to just tough it out a little longer, rather than biting the bullet and filing for bankruptcy. Sometimes people do this, in part, because they’ve heard […]
Residential foreclosure update: data trend for Texas encouraging
One of the important threads we’ve been following in this blog is home foreclosure. The real estate crisis and the Great Recession that followed left huge numbers of homeowners underwater on their mortgages. Many of these homeowners have been unable to keep up with their payments, and there has been wave after wave of foreclosures […]
Bankruptcy filings and the economy: connection not always simple
The relationship between the overall economy and bankruptcy filings is not as simple and straightforward as it might seem. To be sure, the Great Recession and its uncertain aftermath have resulted in lost jobs and depleted asset portfolios that have led many people to file for personal bankruptcy. But it may be that sometimes the […]
Bankruptcy and the government shutdown: possible effects
What effect will the partial federal government shutdown have on bankruptcy proceedings? As with so many other aspects of the shutdown, there is a short answer and a long answer. The short answer is easily enough stated. Federal bankruptcy courts remain open. In this post, however, we will discuss some of the ways that the […]
Credit scores and dating dynamics: couples and shared finances
Years ago, the rock singer Alice Cooper recorded a song called “You and Me” that contained the line “we share a bed, some popcorn and TV.” It isn’t clear from the song whether the couple is married. But Cooper could easily have included the word “finances” along with the popcorn. After all, couples, even those […]
Foreclosure rates: how does Texas compare to other states?
The issue of home foreclosure and the role that bankruptcy can play in keeping foreclosure at bay is one of the recurring themes in this blog. Most recently, in our September 20 post, we wrote about how the late-payment rate for mortgage payments has been going down recently as more consumers make those payments a […]
Football coach gets clear of many debts through bankruptcy
The NFL football season kicked off last night and the second weekend of college ball is coming right up. In Texas especially, football is a game that has rightly been called America’s passion. From the famous Friday Night Lights to college and pro stadiums, the passion is palpable. It’s easy to forget, however, amid all […]
Student loan debt and bankruptcy: a proposal for change
It’s been a few months since we last wrote about student loan debt. As we explained in our May 24 post, the general rule is that this type of debt is not dischargeable in bankruptcy. The only exception is in cases of “undue hardship,” and courts do not readily grant that exception. It is becoming […]
Some debt relief schemes are too good to be true
By itself, debt is not always a bad thing. Sometimes, consumers have to assume debt in order to finance major purchases, such as a home or vehicle. At the same time, however, a person can become overwhelmed by their financial obligations, which may require debt relief. Although there are numerous ways to unload tremendous debt, […]
Drain a 401(k) to deal with debt? Bankruptcy may be better option
People who are struggling with debt often consider taking some money out of their retirement accounts in order to keep creditors at bay. Debtors often believe they must do everything they can to pay their bills now, even at the cost of raiding their retirement funds. To a degree, this is understandable, especially if creditors […]