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July 2012 Archives

CFPB urges student debt discharge in personal bankruptcy in Texas

Debt became a focal point during the recent economic downturn that has affected much of the nation the last few years. Much of the focus was on credit card debt and mortgages, which were blamed for being significant factors in causing the financial meltdown in Texas and elsewhere. However, another type of debt which also contributed to the recession was student loan debts. These debts were especially troubling for students because it is extremely difficult to discharge this type of debt in a personal bankruptcy.

Credit cards can cause overwhelming debt for Texas students

Many parents are preparing to say goodbye to their college bound children this time of year. They are reviewing dorm room checklists to ensure their student has all of the essentials to face the world as an independent adult.

Various types of personal bankruptcy available in Texas

When considering bankruptcy, individuals should understand what options they have available. Bankruptcy laws in Texas and in every other state are made so petitioners can receive a brand new beginning and start their financial lives over again. However, the laws can be complex; therefore, self-education is important before proceeding with bankruptcy. There are a variety of different forms of personal bankruptcy to choose from, each with its own advantages and disadvantages.

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