In a previous blog posts, I have described cases where the client’s income is not enough to cover their living expenses, which include housing, utilities, food, clothing, laundry, medical, gas expense, miscellaneous expenses, insurances and car payment. In some weeks, about 1/3rd of the cases that I see for an initial consultation involve a situation […]
Today’s interesting case is a situation that I see many clients facing: an income problem that is a more urgent and serious problem than their debt problem. Today’s case involves a lady that we’ll call “RC.” She is a CNA that gets take-home pay of about $1,950 per month. RC used to make about $1,000 […]
Buying a house is dream-come-true for many families, yet there are many families each month in Bexar County that experience the nightmare of foreclosure. These days, I see people in my office each week that are having trouble paying for their house that they bought just a few years ago. Part of the problem in […]
Over 80 percent of the people that I see for a debt consultation have a car payment. When it is a married couple that I see for a debt consultation, most of them have two car payments. Since the average car payment is over $460 per month, a married couple with two car payments may […]
Establishing an emergency fund is a critical step in avoiding financial trouble when unexpected events occur. I agree with Dave Ramsey’s suggestion that your first goal should be to get an emergency fund of $1,000, then hang onto it. Next, your goal for an emergency fund should be an amount equal to 3 to 6 […]
Here’s the “Easy” button: For the typical person that I see in a debt consultation, the determining factors for qualification for a Chapter 7 bankruptcy are the person’s income and expenses. Keep in mind, it’s like looking at an elephant…
One factor in determining if you qualify for Chapter 7 is to compare your previous six months of income to median income for people in Texas, based on the household size. Although you can be above median income and still…
Most people that file bankruptcy file under Chapter 7, which is the form of bankruptcy where there is no monthly payment to a trustee. Chapter 7 has numerous advantages over Chapter 13. Here are the key advantages: Chapter 7 Bankruptcy…
