Category Archives: Financial

Our expert Texas bankruptcy attorneys provide insight and advice on personal finance and financial law. Follow these tips to build on your money education.

Do I Have to Pay Taxes on All of the Money I Make?

Real Madrid soccer star Cristiano Ronaldo has recently become agitated with the Spanish Government amongst accusations of €15M in unpaid taxes, on income generated from advertising image rights. Ronaldo claims that the image rights legislation in Spain is complicated, and has not remained consistent since he joined Real Madrid in 2009. The changes were allegedly not made clear to him. In the US, there is also a complicated tax system that has different rules and regulations for types of income. Having knowledge of the tax system can be beneficial to save money, and avoid tax fraud accusations from the Internal Revenue Service (IRS). If you cannot afford to pay your taxes, the IRS will eventually start making collection efforts to get their money. How Should You File Your Taxes? Do you have enough time? A 2012 report by the IRS found that taxes take around 16 hours to prepare and…
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Foreclosure Tips: How to Take Action Against Unfair Mortgage Lending

Unfair mortgage lending practices can mean a multitude of different things including: taking advantage of an unassuming borrower, charging excessive points and fees, and engaging in fraudulent and deceptive conduct during the formation of the loan process. There are protections for borrowers under the Truth in Lending Act (TILA), and an amendment to the lending act called the Home Ownership and Equity Protection Act (HOEPA). TILA ensures that lenders are disclosing all their pricing and payments they have received clearly and accurately. HOEPA makes sure that lenders are not charging late fees over 4% of the past due payment. Be prepared for the worst Keep track of your transactions: The lenders are required by law to keep you updated on payment due dates, payment amounts, any associated late fees or service fees, and notices of foreclosure dates. Basically, everything. Make sure you keep track of everything going back and forth…
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What Happens to the Debt of the Deceased?

The average American dies with an average of over $60,000 in debt. The most common form of debt carried by the deceased is credit card debt, followed by mortgage debt, auto loans, personal loans, and student loans. Many people will die with a combination of multiple debts. Some of your debt will disappear when you die, but not all of it. The debt that remains will be tied to your estate and the beneficiaries you have allotted your assets to in your will. The remaining assets you possess will be taken to repay creditors. It is common to believe that family members would have to repay the debt, but often this is not the case. Different kinds of debt determine how it is handled when you die. Keep reading below to see how your debt may be handled when the time comes. How debt of the deceased is handled What…
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