Archive for 'Texas Bankruptcy'

What Protections Do I Have From Debt Collectors?


Debt collectors may not harass or abuse you or any third parties they contact. They cannot threaten with violence or harm.  They are not able to publish your name saying you refuse to pay.  Debt collectors can report to credit agencies.  When speaking to you they cannot use obscene or profane language or use the phone to annoy.

False Statements.

Debt collectors may not lie when they are trying to collect a debt.  They may not claim to be attorneys or government ...

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How to Deal with Debt Collectors

There are federal laws that lay out how and when a debt collector may contact you.  These times are not before 8 a.m., after 9 p.m., or while you’re at work if they know that your employer doesn’t approve of the calls. Collectors may not harass you or lie to you.  They cannot use unfair practices when they try to collect a debt. They must honor requests in writing from you to stop further calls.

Federal Trade Commission

The Federal Trade Commission ...

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Introduction to Bankuptcy

Congress has been authorized by the US Constitution to enact laws and govern bankruptcy cases.  Congress enacted the “Bankruptcy Code” that governs all bankruptcy cases.

The procedures of the bankruptcy process are governed by both the Federal and Local rules of each court.    There are 90 bankruptcy districts and the decision-making power has been given to the US Bankruptcy Judge, an officer of the US District Court.  The judge makes the decisions on eligibility as well as who receives a discharge.

The ...

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Wellesley Class Teaches Personal Finance Basics

You can tell a lot about the times we’re in by what college kids choose to study.

In the 1960s, humanities were big. In the 1980s, it was all about high finance. Today at Wellesley College in Massachusetts, kids are looking for something a little more basic. It’s called ECON 223 but you might call it Real Life 101.

Students dissect a real pay stub and learn about everything from gross and net earnings to COBRA, COLAs and co-pays.

“It’s dry, but this ...

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10 Most Common Personal Finance Mistakes

1.  Overpaying for Home Insurance
2.  Putting off Buying Life or Health Insurance
3.  Underestimating Health-Care Costs
4.  Passing Up Tax Breaks
5.  Paying Late Fees
6.  Buying Stocks by Their Brand
7.  Investing Too Conservatively
8.  Paying Retail
9.  Leaving Valuables Uninsured
10. Not Checking Your Credit Score

For details on each mistake see Yahoo Finance.

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How The Poor, The Middle Class, and The Rich Spend Their Money

All groups spend a large chunk of their budget to housing, for example. They also spend about the same percentage of their income on their budgets on clothing and shoes, and on food outside the home.

But poor families spend a much larger percent of their budget on basic necessities such as food at home, utilities and health care. The rich families are able to contribute a larger portion to education, and to saving for retirement.

Examine the graph from the Continue →

Low-paying Jobs Are Here to Stay

Stuck in a job with low pay? Better get used to it.  Some 28% of workers are expected to hold low-wage jobs until 2020, roughly the same percentage as in 2010.

These workers hold low-paying jobs with wages at or below what full-time workers must earn to live above the poverty level with a family of four. In 2011, this was $23,005, or $11.06 an hour.

Four of the five occupations with the highest number of low-salary jobs are predicted to grow ...

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Texas Jobless Rate Hits 7 Percent in June

The Texas unemployment rate rose to 7 percent in June.  This is well below the 8.2 percent national jobless rate.  Texas Workforce Commission figures show that although the state added 12,900 nonfarm positions last month, the jobless rate was up from 6.9 percent in May.

Six of the 11 major industries in Texas gained jobs in June. Construction added 9,600 more positions. Expansion in the “other services” category, which added 4,900 jobs to the payroll.  These include positions in equipment and ...

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Olympians Face Financial Hardship

American Olympians are just weeks away from representing the US in London.  Many will return home — medals won or lost — to face great financial challenges.

Unlike athletes in many other countries, American Olympians receive no direct support from the federal government.

And the U.S. Olympic Committee, with a $170 million annual operating budget spread across all sports, offers health insurance and stipends to only a limited number of competitors.

Athletes, without government support, are instead forced to cobble together an income ...

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Turn Saving Into a Habit

Regular savings is one of the surest ways to increase your net worth.

Stick to a budget for just a month. A Canadian study found that people who stuck to a budget had higher net worth than those who didn’t have one or had one they didn’t follow.

Know you can’t commit to a lifetime of constraint? Focus on your biggest spending problem area and tracking it for just a single month. Then set an attainable goal for the following month — ...

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The Loan Modification Runaround

Information About The Loan Modification Process

At Machi & Associates our goal is to keep you in your home and avoid foreclosure. Our team will provide you with a unique, and professional plan that you and your mortgage lenders can consider.

We understand that you only have a short period of time to overcome the real possibility of losing your property through a foreclosure. Our experienced attorneys and real estate brokers will work to immediately stop your foreclosure. We have the ...

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Chapter 13 Bankruptcy

Do you need to save your house and your car, stop the IRS from garnishing your wages and bank accounts?  Chapter 13 can protect you from these creditors while you set up scheduled repayments to get back on your feet. In this type of bankruptcy you have terms that are very favorable to you so that you can make your re-payments and complete your obligations under Chapter 13 bankruptcy.

Ted Machi can help you understand where you may qualify, either ...

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If a Loved One Passes Away

If a loved has passes away with debt their debt dies with them. Unless members of the deceased family co-signed with the loan, they are usually not legally obligated to pay. This doesn’t stop debt collectors from harassing families to pay the debt. The number of debt collectors using this deplorable tactic has grown in recent years.  They work on the behalf of financial giants such as; Bank of America, Capitol One, and others. Targeting families when they are at ...

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Gas prices top $3 a gallon

Gas prices crossed the milestone $3 mark Thursday for the first time since Oct. 17, 2008, as the national average compiled by motorist group AAA reached $3.013 a gallon.

Prices have risen more than 4% from $2.872 a month ago and are nearly 16% higher than the $2.585 average a year ago, according to the AAA figures.

The cost of gasoline has been climbing steadily since bottoming out at $1.616 in December 2008. However, the average price is down $1.101 — ...

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Online Shopping Tips for the Holidays

The Federal Trade Commission, the nation’s consumer protection agency, has tips to help consumers make smart online shopping decisions for the holidays:

Know who you’re dealing with:

  • Confirm the online seller’s physical address and phone number before you buy.

Know what you’re buying:

  • Read the seller’s description of the product and the fine print.
  • Understand the terms and conditions regarding refunds, including who pays the shipping costs, and whether there is a restocking fee.
  • Print and save records of your online transactions, including all emails to ...
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Federal Trade Commission Halts Operation that Posed as Government Agencies and Duped Consumers

A federal judge has halted an operation that allegedly tricked people into paying a $20 fee to collect a fake multi-million-dollar sweepstakes prize. This case is part of an FTC crackdown on scams that target financially strapped Americans.  The FTC is seeking to make the defendants give up their ill-gotten gains.

Some of the mailers claimed that they were affiliated with a government agency, such as the “State of Illinois Commissioners of Regulation” and “OFFICE OF ...

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Federal Trade Commission Charges Marketers with Making Unsubstantiated Claims

Federal Trade Commission has charged three debt relief operations with making unsubstantiated claims to lure consumers nationwide into paying thousands of dollars in up-front fees, but failing to reduce credit card debts as promised.
The FTC’s complaints charge that few consumers received the promised results. Many consumers canceled or dropped out of the programs because they couldn’t afford to pay the defendants’‘ sizable advance fees and accumulate money to pay off their debts.
Federal Trade Commission

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If a borrower defaults on a mortgage, the lender may seek foreclosure on the property.  In Texas foreclosures may be ordered by a court or without court involvement.  Typically, a non-judicial foreclosure is conducted by auction “on the courthouse steps.”   Defaults that lead to foreclosure may be monetary or technical, and specified notice and other requirements must be followed if the foreclosure is to be valid.

Non-judicial foreclosure auctions are conducted on the first Tuesday of each month between the hours ...

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Suits for Wrongful Foreclosure

If there are grounds for alleging that loan documents, notices, or some impropriety in the sale, the borrower may file a “wrongful foreclosure” lawsuit.

If you are facing a potential foreclosure or have received an “Notice of Default and Intent to Accelerate,”  you should act quickly.  It is much easier to stop a foreclosure before it occurs than to get a remedy after the foreclosure is complete.  If the property is sold to a third party there is little chance that ...

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Dallas Dealership Facing Possible Bankruptcy

The Dallas Morning News is reporting another possible bankruptcy. The paper says Park Cities Chrysler-Jeep-Dodge has stopped selling new cars. Many Chrysler dealerships are facing similar circumstances in the current economy.  The News reports Chrysler Financial is no longer financing dealer loans and is even calling in dealer loans.  Since this means dealers must come up with millions, bankruptcy may be inevitable.

Dealers, employees, and their families face tough financial futures when local businesses fail.  If their debts pile up, ...

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