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TX bankruptcy attorneyBeing in debt can often feel like being in quicksand -- the more you try to climb your way out, the quicker you sink further. Making the decision to file for bankruptcy is a very serious one and should only be made as a last resort. Because of this, most people who file for bankruptcy are in an overwhelming amount of debt. This can cause much uncertainty and may have you wondering how you should file, which type of bankruptcy is right for you and what your life will look like after your bankruptcy is done. Here are a few frequently asked questions about bankruptcy and their answers:

When Should I File For Bankruptcy?

This is a very personal question and because of that, the answer will never be the same for all people. There is a general rule of thumb when it comes to deciding when you should file for bankruptcy -- it should be your last resort. Before you file for bankruptcy, you should try other ways of relieving debt, such as budgeting and consolidating your debt. If you feel that you are drowning in debt, it may be time to consider bankruptcy.

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wage garnishment in San Antonio, Texas bankruptcy lawyerMost Americans have some form of debt, and many struggle to make payments. Some are fortunate enough to get by with responsible budgeting, consolidation, and other financial strategies. However, unexpected circumstances, such as a suffering an injury or losing a job, can cause a debtor to fall behind. In some cases, creditors will garnish a debtor’s income to pay debt.

Although wage garnishment can severely limit a person's financial freedoms, certain requirements must be met in order for wage garnishments to be legal. This article will briefly discuss how wage garnishment laws work in Texas.

Texas Laws Regarding Garnished Wages

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getting a loan, San Antonio bankruptcy attorneyNo one wants to be in serious debt, however, carrying some form of debt is unavoidable. To start, everyone needs to build credit, and one of the most effective ways to accomplish this is by taking on “good” amounts of debt and paying it off in a timely fashion.

While credit can be a luxury for some, for others—especially those in a low income bracket—credit becomes a way to help with bills, groceries, and other daily expenses. Unfortunately, even a small amount of debt can be a precursor to bankruptcy if a person falls on hard financial times.

The truth is that filing bankruptcy is a smart decision in many cases. However, there may be other ways to solve debt problems. One method that many people consider is consolidating debt by taking out a loan. This often is an effective strategy, but it is important to understand a few basic aspects about debt and loans.

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debt collectors in San Antonio, Texas bankruptcy lawyerWhen a person owes a defaulted amount on an account, such as a credit card or prior utility bill, the company who the original debt is owed to will often “charge off” that debt after a certain period of time has gone by. Someone who is struggling with overwhelming debt may have multiple accounts which have been declared charge offs by the original creditor.

There are certain guidelines a creditor must follow before they can charge off an account. If the account is an installment loan (such as an auto loan or mortgage), then the delinquency must be at least 120 days past due. If the account is a revolving credit account (such as a credit card), then the delinquency must be at least 180 days past due.

At this point, the creditor has three options for debt collection for the account. The company can continue to pursue collection themselves; they can hire a third-party collection agency to continue collection activity; or they can sell the debt to a debt buying company. Debt buying companies purchase debt portfolio from creditors and any funds then collected on the debt belong to the debt buyer.

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rental history to rebuild credit, San Antonio bankruptcy lawyerWhen a person files for bankruptcy, it takes time for their credit history to “heal” from the painful ordeal of overwhelming debt that caused the bankruptcy filing. As long as person is careful not to overextend themselves, they are usually able to qualify for credit cards, auto loans and even mortgages within several years of filing.

Having taken control of their debt and filing for bankruptcy, a person can also take control of their credit history. Applying for a secured credit card and making the payments on time every month, as well as any other accounts that were not charged off in the bankruptcy, such as a mortgage or auto loan, will increase a person’s credit score enough that they may be able to qualify for unsecured credit within two years following the bankruptcy.

There is now a new way for people to help increase those credit scores and that is with their rental history. In the past, a person’s rental history was never included on credit history reports. If a person has a long history of making on-time rental payments, they never received the credit benefit for that good history like a person who pays their mortgage on-time.

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