If you're in credit card debt, you're in good company. Americans, as a whole, hold more than $1 trillion worth of credit card debt. The average American with credit card debt holds nearly $10,000 in credit card balances each month. Last year, those who made only the minimum payments each month ended up facing more than $1,000 in interest fees, on average. These interest expenses are expected to rise as the economy continues to improve and the Federal Reserve hikes interest rates.
Misrepresentations under the Fair Debt Collection Practices Act
When you owe a debt to a creditor, that creditor has certain rights when it comes to collecting. However, those rights are not as far-reaching as some creditors would choose to believe. In fact, many creditors overstep their legal rights, resulting in harassment and unfair collection techniques. This is why the federal government stepped in and implemented the Fair Debt Collection Practices Act. This law spells out what creditors can and can't do, and its goal is to protect indebted consumers.
Facing creditor harassment? Our Texas firm may be able to stop it
Are you struggling to pay your bills? If so, you're in good company. Millions of Americans who have been forced to take on unwanted debt, or have found their income slashed, find themselves over-extended and scrambling to find ways to stay financially afloat. As if this isn't stressful enough, you might also find yourself being harassed by your creditors, which can leave you feeling belittled and obligated to do everything imaginable to make your payments.
What can be discharged via Chapter 13 bankruptcy?
Sudden life changes can throw an individual into unexpected financial challenges. The sudden loss of a job, the onset of a medical condition, and even divorce can leave one facing massive debt and income shortfalls. During these times, individuals may turn to credit cards to get by, which can exacerbate the issue. When the debt becomes so overwhelming that an individual is unable to make his or her payments, it may be time to consider debt relief options, including bankruptcy.
Can student loans be discharged through personal bankruptcy?
The student loan industry is massive, and as a result, many Texans find themselves graduating or leaving higher education programs with an enormous amount of debt. With job prospects uncertain for many of these individuals, making their student loan payments can become challenging, even downright impossible. When this happens, an individual may wonder if he or she can turn to bankruptcy to help alleviate this debt burden.
HHGregg liquidating all assets after failed Chapter 11 attempt
As online retailers like Amazon continue to dominate the market, brick and mortar retail stores in Texas continue to struggle. These businesses, which oftentimes have trouble getting people into their stores, can face massive amounts of debt as they try to either rebrand themselves or change their way of doing business to be competitive. Others just simply fail to change with the times and are left with burdensome debt that is insurmountable.
The law can protect you from debt collection communication
If you've ever found yourself in overwhelming debt, you probably know how aggressive creditors can be in their attempts to recoup their payments. Oftentimes when debt goes unpaid, it is turned over to collection agencies. These companies can go too far when trying to collect debt, to the point that it becomes harassment. Fortunately, the federal government enacted the Fair Debt Collection Practices Act, which seeks to stop creditor harassment and protect debt-ridden consumers from unduly burdensome debt collection practices.
Number of retailers filing for bankruptcy climbing
Although the economy has been steadily climbing out of the Great Recession, for many retailers in Texas and other parts of the country, financial difficulties linger. When crushing debt and limited cash flow leave these stores with an uncertain and bleak future, many of them turn to the bankruptcy system for assistance. In fact, one recent report found that just as many retail stores have sought bankruptcy protection in the first quarter of 2017 as did during the entire 2016 calendar year. Amongst these stores are Gander Mountain, Gordmans Stores, HHGregg, Wet Seal, and Limited Stores.
