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Frisco bankruptcy lawyerSunday, May 9, 2021 is Mother’s Day. In too many Texas homes, the day might be a bit cloudy if financial woes hang over Mom. A great gift for any mother is for an adult child to offer to help with finances and financial planning. Though many older adults are reluctant to admit to difficulties, the numbers show a serious problem. 

Growing Anxiety

According to the Congressional Research Service, real average debt among elderly households climbed from $29,918 in 1989 to $86,797 in 2016 (in 2016 dollars). Further, “the largest growth in the share of elderly households who have any debt was for those headed by individuals aged 75 and older.” If your Mom is a senior in that 70-80 age group, chances are that she is in the 61 percent of seniors carrying debt. 

Seniors typically carry three major types of debt:

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Frisco bankruptcy lawyersIt is a common belief that being married means that you will automatically be responsible for any debt that either of you incurs. While it may be true that the property you acquire during your marriage could be considered joint assets, the same is not always true regarding debts. In fact, in most cases, you can  only held be responsible for your partner’s financial obligations if both of your names are used when incurring the debt. As a result, it is not terribly unusual for just one spouse to file bankruptcy on his or her own, leaving his or her spouse’s name off the filing. Many such situations occur when only one spouse is struggling with debt and in need of a fresh start. A qualified bankruptcy lawyer from The Page Law Firm can help you determine if filing without your spouse is the right choice for you.

Community Property

As you determine whether to file bankruptcy with or without your spouse, you need to look at the big picture. Texas is known as a “community property” state, which means that most, if not all, of the property that you and your spouse acquire during your marriage is considered to be jointly owned by both of you as the “community.” Therefore, when you file for bankruptcy—even in your name alone—you will list all of the assets that you are your spouse own jointly.

File Jointly or Individually?

The decision to file bankruptcy individually or jointly with your spouse will depend on the specifics of your unique situation. In a community property state such as Texas, it is important to consider how the filing will affect your spouse. Filing for bankruptcy together can offer a variety of benefits, including the elimination of many of your joint debts.

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Frisco bankruptcy lawyerHave you made a New Year’s resolution to get your finances in order in 2021? Maybe you lost your job as a result of the COVID-19 pandemic and shutdowns. Or, maybe you relied heavily credit cards as you tried to make ends meet for your family, and now you are feeling overwhelmed by debt. At The Page Law Firm, we realize that the road to financial recovery may include filing for bankruptcy.

Of course, the decision to file for bankruptcy is not one that is easily made. Moreover, the days, weeks, and months following the decision can also be difficult. There may be feelings of fear or concern. Fortunately, we are here to help alleviate some of that stress by providing the guidance and assistance you need.

Start by Contacting an Attorney

While there are many steps to take during the bankruptcy process, your first should be to contact an experienced bankruptcy lawyer. Not only does this help you prevent missteps during the bankruptcy process, it can expedite the next steps. Contacting our firm can get you on your way to less stress from the creditor calls and collection letters. 

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Collin County bankruptcy lawyerThere are very few people who will be sad to see the year 2020 come to an end. It almost goes without saying that this year has been extremely tough on all of us. The COVID-19 health crisis, a struggling economy, social unrest, and so much more have left us feeling largely defeated and uncertain about the future. While it is impossible to predict what 2021 will be like, the best thing we can all do is to try to maintain a sense of positivity as we put this difficult year behind us and start to move forward.

We Are Strong

If there is a significant lesson to be taken from the hardships of 2020, perhaps it is the strength of character of the American people. We have faced challenges at the local level and as a nation as a whole, and we are still standing. It is true that we have lost loved ones, and such losses are tragic. Many of us are also now facing financial difficulties and even a possible bankruptcy filing in the near future. However, time and again in our country’s history, the American people have shown they are strong enough to overcome even the most difficult times, and we will do it again.

In fact, we are already seeing examples of it. Neighbors are helping neighbors in need of groceries. Friends and family members are keeping their homebound loved ones safe by dropping off meals, medicine, and other necessities. Even just friendly smiles—behind masks, of course—shared with strangers in a supermarket are signs of solidarity. We’ve learned how to smile with our eyes.

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Frisco family law attorneysJanuary is often a popular time for couples to separate or divorce because many people wait until after the holidays to start the process of splitting up. If you are considering divorcing your spouse, or you have already decided to, you probably know you have a long road ahead of you. There is no perfect way to divorce, but there are some things you can do to help save you and your spouse from unnecessary stress and conflict as you end your marriage. At The Page Law Firm, we are here to help you end the year well and to assist you in resolving your family law concerns. In the spirit of ending the year well, you might wish to:

Resolve to Communicate Better

Communication is one of the most important aspects to any relationship, and it does not become less important when a couple is no longer romantically involved. In order to successfully untangle from a marriage, both spouses must be willing to talk to the other about plans for moving forward. Understandably, many individuals who are facing the end of their marriage are emotional. They may feel anger toward their spouse because of the hurtful things that happened during the marriage. Others who get divorced feel so upset that they shut down and stop communicating entirely. While these feelings are natural, refusing to cooperate with your spouse will only prolong the painful divorce process. Be willing to “be the bigger person” and work with your spouse, even if you resent him or her. You will be thankful that you did.

Resolve to Co-Parent Effectively

When you and your spouse have children together, the fact is that you will have to continue seeing and collaborating with your spouse long after the divorce. If you plan to share parental responsibilities regarding your kids, you will need to find a way to manage pick-ups and drop-offs, holiday schedules, school concerns, grandparent visitation, and other parenting tasks cooperatively. Renew your commitment to cooperating with your spouse regarding your children, regardless of what other disagreements the two of you may have.

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National Association of Consumer Bancruptcy Attorneys State Bar of Texas
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