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August 2012 Archives

Is Twitter a way to clear overwhelming debt in Texas?

A Texas man used his presence on social media as a way to have his medical bills paid by his insurance company. The man was originally diagnosed with cancer in 2011. Although he was covered by medical insurance, for which he paid a monthly premium of $400, he quickly discovered a cap on the policy limited total payments to $300,000. Due to the large amount of treatment he needed, the man was faced with overwhelming debt that he had no ability to pay.

Can a bankruptcy case be converted from one Chapter to another?

You may have heard of cases in which a bankruptcy filed under one Chapter of the federal bankruptcy code is transferred to another chapter. In a business bankruptcy, although the business may have initially filed under a specific bankruptcy Chapter, the court administrator, trustee, or the petitioner has the option of filing a motion to covert to another one.

Many consumers in Texas ashamed of overwhelming debt

There is a stigma attached to not being able to pay debts. Many people try to hide their overwhelming debt from their family and loved ones. Texas consumers who are buried in debt may feel embarrassment regarding their situation. Often the first time these people will discuss their credit card debt with anyone is when they call a credit counseling service for help.

Hefty debt can leave consumers vulnerable to fraud

The recent recession has left many people in financial trouble. Many consumers face financial hardships that stem from overwhelming debt, often in the form of credit card debt. In an attempt to regain control of their finances and pay down their credit card debt, many Texas residents turn to debt consolidation companies for help. However, consumers must be alert to the risk of falling prey to scams that attempt to take advantage of people in times of financial need.

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