Foreclosure rates are low in Texas compared with the rest of the nation. Nationally, foreclosure sales accounted for 23 percent of homes sold in 2011. In Texas, foreclosure sales only accounted for 9.9 percent of home sales while in Nevada they made up 54.1 percent of all home sales. As startling as these statistics are […]
One of the first things new bankruptcy attorneys learn is that some debts cannot be discharged. These debts are student loans, child support, and incomes taxes. However, eventually we discover that there are exceptions to the rules regarding nondischargeability. One exception is that income tax liability can be discharged under very specific circumstances. First, income […]
One of the main reasons to file bankruptcy is to discharge debt. When a debt is discharged it cannot be collected by a creditor. The debtor is no longer liable for the debt. However, not all debts can be discharged in bankruptcy. The three most common nondischargeable debts are domestic support obligations, student loans, and […]
When you purchase a vehicle, the lender usually retains a security interest in the vehicle. Having a security interest protects the lender against a loss if the borrower defaults on the payments. Once the default occurs, the lender can go and pick up the car. This is called repossession. But the borrower’s rights to the […]
Each state has different rules governing foreclosure of real estate. In Texas, lenders have the option of pursuing foreclosure in court or out of court. By either means, the foreclosure process in Texas is relatively quick. When a foreclosure is executed by the court, it is called a judicial foreclosure. Judicial foreclosure is required when […]