The Snowball Method A popular method for paying down debt is known as the snowball method, introduced by Dave Ramsey. This method focuses on paying off the smallest debt to the largest. Once you’ve paid off one debt, you take the money you would have paid on that small debt and apply it to the [...]
Receivership - If you are sued and end up with a judgment against you, a debt collector may try to collect through a receivership. This is where the debt collector asks the state court judge to appoint a receiver to assist in collecting the money owed on the judgment. Under Texas law, the receiver may [...]
For federal student loans, the forbearance program is extended until at least January 31, 2021. This means at least a temporary pass on qualifying loans with no interest for a few more months. At Cross Stone Law, we only handle bankruptcy cases. We will evaluate your student loan debt for the possibility of discharge [...]
Considering Chapter 7 bankruptcy and whether to file is never easy. Facing unpaid bills and debt collector calls? Don't stick your head in the sand!The first thing to do is get organized.Start putting all your bills and letters in an envelope or box. Yes, open them first to be sure of what they are, but [...]
If a debt collector sues you, the worst thing you can do is ignore it. The suit won't go away. Fight back. Get help. To learn about the lawsuit process, watch these educational videos. These videos explain how a debt collection suit works, possible defenses, and bad stuff that might happen if you don't [...]
New bankruptcy law helps veterans get more relief in bankruptcy.
Bankruptcy may help if a small business needs to restructure debt to improve cashflow. Where the business needs to close, bankruptcy may relieve the owner from personal liability on the business debt.
People often delay filing bankruptcy because they are afraid of how long bankruptcy will show up on their credit report. How long it stays on your credit report depends on which chapter of bankruptcy you file. Most individuals or small businesses file either Chapter 7 bankruptcy (straight bankruptcy) or Chapter 13 bankruptcy (debt reorganization.) [...]
In this modern world, your credit score affects many things. Your credit rating determines how much you pay to finance a home and a car. The cost of other necessary services, such as insurance and cell phone charges, may also be increased if your credit score is low. People considering bankruptcy worry about how [...]
Everyone knows that high levels of stress can interfere with the way you function. Lack of sleep, distraction, and foggy brain are just some of the symptoms of too much stress. A recent Chinese study found that getting rid of debt improves brain functioning. Participants were tested before and after their debt was paid off [...]