Money Wiring Scams

In today's world, many people wire money to family or friends in other cities or countries on a regular basis. However, many dishonest people have been found to be stealing money off hard working ,honest individuals and families by luring them to wire money to them. Remember, wiring money is like sending cash. When you wire money, you cannot get the money back. How to protect yourself from these scams: You should never wire money to someone you do not know. The attached video shows some common money wiring scams, and what happens to some people who meet the scams.

source: http://www.consumer.ftc.gov/media/video-0079-money-wiring-scams
For helping you get a better understanding of Bankruptcy, have setup a Bankruptcy Information Center at our website with information written and curated by our San Antonio Bankruptcy Attorney

Understanding Debt

What is Debt? What is the difference between Good and Bad Debt? How much Debt is too much?

Our San Antonio Bankruptcy Attorney has created the below infographic to help answer these common questions regarding Debt in the simplest possible manner. If you'd like to get a free consultation, please contact us .

For helping you get a better understanding of Bankruptcy, we have setup a Bankruptcy Information Center at our website.

A Timeline of Chapter13 Bankruptcy

Chapter 13 Bankruptcy allows a person with a steady income to devise a plan towards repaying part or all of their debt.
To help you understand Chapter 13 bankruptcy in a simple yet comprehensive manner, our Bankruptcy Attorney has created this infographic explaining the Chapter 13 Timeline

For helping you get a better understanding of Bankruptcy, we have setup a Bankruptcy Information Center at our website.

Pre Paid Cards

Prepaid cards are mainstream financial products, widely used and relied upon by consumers. However, like all financial products, picking one without researching can lead to losses. The video below shows what happens when someone gets a prepaid card without checking out the fees first. source: http://www.consumer.ftc.gov/media/video-0062-prepaid-cards

Filing For Bankruptcy

There are two ways that most consumers might file bankruptcy. Chapter 7 and Chapter 13. To help one understand the steps behind these 2 types of bankruptcy filings, our Bankruptcy Attorneys have prepared this simple to understand infographic which will walk you through the steps of each.

For helping you get a better understanding of Bankruptcy, we have setup a Bankruptcy Information Center at our website.

Employer Credit Checks

An employer credit check is a way that employers can use credit history to decide whether to hire an employee or not. This infographic gives you an a snapshot of the various statistics regarding employer credit checks across the United States.

For helping you get a better understanding of Bankruptcy, we have setup a Bankruptcy Information Center at our website.

Houston Closer to Tightening Restrictions on Short Term Loans

Payday and title loan operators may soon find it more difficult to lend money in Houston.  The Houston Chronicle reports, Mayor Annise Parker let the controversial business owners know she considers their business practices harmful to the city's hard working citizens.  Parker rejected a compromise between the city and the industry.  The full Houston City Council is prepared to vote in December on regulations that mirror those passed in other major cities in Texas.

Despite seemingly wide spread opposition to the industry across Texas, state lawmakers have consistently failed to pass meaningful reforms to limit the predatory loans.  We hear from workers daily who have fallen into the payday/ title loan trap.

    "Often just one loan begins a snowball effect that only deepens a consumer's financial frustrations," says San Antonio Bankruptcy Attorney, Gerald Moton.
 
     "The types of loans do much more harm than good and more regulations are long overdue."

When consumers become overwhelmed with short term loans and trapped in the cycle of debt, bankruptcy can offer a fresh start.  Both Chapter 7 and Chapter 13 bankruptcy offer consumers protection from these types of creditors.
 
     "Relief is probably the most common emotion my clients who were struggling with these types of predatory loans feel after they file for bankruptcy.  The fleecing of their pay checks stops and they get a fresh start,"  Moton adds.

If you or someone you know if struggling with debt,  bankruptcy might be a helpful option.  Click here for a free evaluation.

Bankruptcy Exemptions in Texas - I

Federal law sets forth a list of exemptions to be used in bankruptcy, called the federal bankruptcy exemptions. In Texas, you can declare either Federal or State exemptions but you can't declare both, this infographic explains the Federal exemptions. 

  

For helping you get a better understanding of Bankruptcy, we have setup a Bankruptcy Information Center at our website.

Wish to embed this infographic in your posts, please use the embed code below

<iframe width="600" height="5578" frameborder="0" style="overflow-y:hidden;" src="https://magic.piktochart.com/embed/751234-bankruptcy-exemptions-in-texas-pt"></iframe>

Protect Your Computer from Malware

Malware is the no.1 cause of internet frauds and scams and directly affects the finances of tons of families.

Would it surprise you to learn that millions of computers in the US are infected with malware? And that could also be one of yours.

Malware, short for malicious software, includes viruses and spyware that get installed on your computer or mobile device without you knowing it. Criminals use malware to steal personal information and commit fraud. For example, they may use malware to steal the login information for your online accounts or to hijack your computer and use it to send spam. An infected computer can lead to serious problems, like identity theft.

Look at the video below to learn more about how to avoid, detect, and get rid of malware. Avoiding and getting rid of malware is a big step towards taking care of your finances.

Source: http://www.onguardonline.gov/media/video-0056-protect-your-computer-malware

CHAPTER 7 vs. CHAPTER 13

Want to know the difference between Chapter 7 and Chapter 13? Here is an infographic to help you understand it in a simple manner. Please feel free to share it and leave your feedback and comments below. 

For helping you get a better understanding of Bankruptcy, we have setup a Bankruptcy Information Center at our website.

Wish to embed this infographic in your posts, please use the embed code below

<iframe width="800" height="3412" frameborder="0" style="overflow-y:hidden;" src="https://magic.piktochart.com/embed/634341-hipster"></iframe>

Do I Qualify To File Bankruptcy?

Potential clients often call and ask, "Do I qualify to file bankruptcy?"

What they really want to know is what type of bankruptcy they qualify for to file.  While the recommendation of what type of bankruptcy, if any, can only be made by a licensed  attorney, the illustration below may be helpful.

If you have questions bankruptcy or maybe considering bankruptcy contact San Antonio Bankruptcy Attorney Gerald C. Moton www.bankruptcyattorneytx.com or 210-841-5728

Where Employer Credit Checks Are Outlawed

Eight states have outlawed employer credit checks. Federal legislation to stop the practice is pending but has a slim chance of passing.

San Antonio Bankruptcy Attorney, Gerald Moton worries these types of checks place an unfair burden on workers.  

Employment and Credit Checks

There are many ways reasons workers are turned down for jobs.  However some applicants may be surprised to learn they can be denied for a job because of something on their credit reports. Employers have begun to use credit checks to exclude people putting in applications.

Employers allowed to keep people from jobs by prying into their financial affairs. They can bar workers from employment in all but 8 states. For job seekers, this means that bad credit or a recent bankruptcy could prove to be a formidable roadblock in securing employment.

San Antonio Bankruptcy Attorney, Gerald Moton, considers this use of consumer credit information unfair.

"It is important that these credit reports in the employment process not be used to obstruct the efforts of individuals to better themselves and move on with their lives through use of the constitutionally sanctioned bankruptcy process,” said Mr. Moton.

It is estimated, if used across the board, this practice would disproportionately affect the unemployed, people of color, elderly and the 47% of Americans who have trouble paying their medical bills, according to Demos.org.  The consumer advocacy group and other like it are pushing back against this trend, and in a published report said, “employment credit checks illegitimately obstruct access to jobs”.


However, arguments have been made by some human resource professionals that the credit checks are not used that often. Advocates also argue the checks are only used for some jobs, and that they do not play a key role in decision making for employers.

Earlier this year, Rep. Steve Cohen [D-TN] introduced legislation to stop this practice nationally, but govwatch.us, a legislative tracking tool, has the odds of bill passing committee at just three-percent. 

An Abbreviated History of Bankruptcy Law, Part. I


After the article by Charles Jordan Tabb

     Bankruptcy has come a long way since its inception.  What begun as a device with its origins in allowing creditors freedom to take what is theirs at any cost, including that of a life, has transformed into an instrument that allows people unshackle themselves from their debts.

     Debtors were viewed as quasi-criminals by the earliest bankruptcy laws.  In 1542 King Henry VIII passed the first bankruptcy law in England.  What this law did, once the details were filled in by the reign of Queen Elizabeth I, was create a legal device by which debtors who did not pay, could have their assets taken away from them.  One could even lose an ear or a life for being in debt.  Others were thrown into debtors prison for becoming bankrupt.  This kind of thought weaved its way though the 17^th century when the British parliament would often act to increase the penalties against noncompliant debtors.

    The US constitution, the basis for the entire US legal system, was drafted in 1787.  Once the US was established as a country, provisions for bankruptcy were more or less left up to the states.  States acted freely in bankruptcy matters for all but 16 of the first 109 years after the Constitution was ratified.  These laws often left things to be desired.

   Progressively, the laws changed.  People began to be allowed to renegotiate their debts. The Bankruptcy Act of 1867 allowed corporations to take advantage of bankruptcy proceedings.  The railroads when down and out were brought back to life through being able to file for bankruptcy.  Perhaps most significantly, during the New Deal, the Supreme Court affirmed that bankruptcy "gives to the honest but unfortunate debtor…a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt."  The United States was able to transform bankruptcy, which at its outset was an oppressive institution, into a helpful tool.

   If you would like more information on bankruptcy or have questions for Gerald Moton please contact our office or call 210-841-5728.

The New York City Opera Declares Bankruptcy

The curtains have fallen upon the New York City Opera aftera failed fundraising campaign fell short of the $7 million needed to keep open its doors. The opera is shutting down indefinitely and it’s unclear whether they’ll ever be back on their feet. 

When created by New York mayor, Fiorello La Guardia, it was deemed the “people’s opera”, giving access to the art of opera to the general public. It has proved to have a great impact upon the culture of the city of New York and the US as a whole in pioneering access to art for those less well off and its musical contributions.

While the average price of a ticket at the Metropolitan OperaHouse, the New York City Opera’s older sister institution,is $174, the New York City Opera provided an opportunity for people to see its entire season for $100—opening doors for opera to be accessed even by those of limited means.

Many great singers passed the halls and made their careers in this “moststoried” of all opera houses including Beverly Sills, Placido Domingo, and Catherine Malfitano.  It has made its mark as bringing adventurous contemporary works to the New York stage such as Mark Anthony Turange’s Anna Nicole and Bartok’s Bluebeard’s Castle. The Opera is also known for its workshop that allows composers to hear their operas performed by live singers and musicians.

The opera has declared Chapter 11 bankruptcy, a form of debtrestructuring which allows companies and organizations a chance to restart andmove forward.   Mr. Moton views this move with a sense of optimism.  Many arts organizations have filed for bankruptcy and came out better, including the San Antonio Symphony.  He comments, “The arts are a national treasure.  That they resort to bankruptcy protection demonstrates valiant attempts to preserve a part of the fabric of our lives.”

Bankruptcy Helps Some Workers Cope With Downsizing

Underemployment is a circumstance many Texans face today.  Frustrated by a tight job market, thousands of workers have settled for part-time jobs and employment that pays less than their previous jobs.  I often hear from hard working Texans feeling the weight of mounting debt after brief to moderate periods of unemployment and they are not alone.

The lone star state faired better than most of the nation following the 2008 recession, but that still does not mean Texans have regained all of their lost ground.  Citing newly released U.S. Census Bureau data, the state’s median income remains below 2000 levels, the Associated Press Reports. 

Texas is only one of two states where the poverty  rate declined, dropping to 17.9 percent in 2012 from 18.5 percent in 2011. The August unemployment rate fell sightly from the previous month to 6.4 percent, the Texas Workforce Commission said. 

In order to cope with lower incomes, some workers are now trimming their spending. They give up larger homes and vehicles for more moderately priced items.  Unfortunately, banks are not always so forgiving of consumers looking to return things they can no longer afford.  Even if a borrower returns a home, vehicle or other secured asset, they often owe a portion of the original debt.  This is where the United States bankruptcy laws offer consumers solid protection.  Dependent on income and other factors, consumers can either file Chapter 7 or Chapter 13 Bankruptcy and stop creditors from making attempts to collect on debts. Bankruptcy can offer consumers facing these difficult issues a fresh start.  

Periods of unemployment or underemployment can also cause some workers to fall behind on their mortgage or vehicle payments.  All to often, lenders do not do a good job working with these folks to modify their home loans and threaten foreclosure or repossession.  Using Chapter 13 Bankruptcy, I help consumers stop the banks from foreclosing and set up a payment plan so they can get back on track.  

For a Free Consultation Click Here or Call 210- 841- 8728

Student loan rates hike and bankruptcy

The money 7 million college students are expected to borrow this year just got more expensive.
Overnight loan rates on subsidized federal student loans doubled to 6.8%.  While members of congress promise to work on the issue through the summer, million of college students face renewed worry about the price tag of a college diploma.

Student worries concerning debt are well placed.  On average 2013 graduates face $35,200 in college related debt according to a recent Fidelity survey of 750 college graduates.  Student loan debt is second largest debt most consumers carry after mortgages.  However in matters of bankruptcy, student loan debt can be far more troublesome for consumers.

"Students need to consider their loans permanent until they are fully paid.  Unlike a mortgage loan which is tied to an asset which a consumer can give back and then discharged, student loans do not have the same flexibility," said Gerald Moton, San Antonio bankruptcy attorney.

This means a consumer who is in trouble and unable to pay a student loan has limited options.  Student loans must be repaid and in most cases, can not be cancelled even if a student did not enter an expected career field. In different cases, consumers can request a temporary forbearance, deferment and payment plans.  It is extremely rare a student loan can be cancelled.

Bankruptcy in most cases only offers limited protection for consumers concerning student loans.  During a Chapter 13, creditors including student loan lenders are prevented by the court from attempting to collect a debt.  Sometimes this allows consumers time to improve a financial situation so they can repay their student loans.  However even through bankruptcy in most cases, the court does not allow student loans to be discharged.  Only in rare cases where the court finds repayment of a student loan would cause undue hardship is a discharge allowed.

"Students and their parents really should consider these issues when evaluating borrowing for an education.  Student loans are now more expensive than they used to be and they can carry expensive consequences far into adulthood, " said Mr. Moton.

Extra Incentive To Save

The weekend may be the perfect time to finally get that tax return on file. Before you spend your entire refund, D2D Fund is giving consumers a reason to save a little.

http://plantingmoneyseeds.com/save-small-win-big-with-saveyourrefund/

Predatory Tax Lien Lending In The Crosshairs of Texas Law Makers?

By Laura Whitley

One of the most expensive loans some consumers encounter are tax lien loans. Consumers use these loans when they are behind on property taxes. While the loans offer temporary relief they come with long term consequences: high interest rates that often take may years to pay off and at times can drive the consumer into deeper financial problems.

"These types of loans come with serious shackles for borrowers and are really a bad deal," says San Antonio Bankruptcy Attorney Gerald Moton.

"Even in a Chapter 13 Bankruptcy, these loans are secured and pay nearly an 18% interest rate!"

A great long term pay off for the lenders but a long painful financial lesson for consumers.

Now Texas law makers are taking a closer look at these types of loans and their predatory nature.  The legislation would require tax lien lenders provide notice to the borrower and bank BEFORE providing the loan.

www.chron.com/opinion/outlook/article/Law-would-address-predatory-nature-of-tax-lien-4386324.php?utm_medium=referral&utm_source=t.co

Tax Return = Extra Money: Not So Fast For Chapter 13 Debtors

From banners promising big refunds and quick service, the signs of tax time are all around.  For many Americans tax season brings an expectation of a extra cash. A little something to help with an unexpected expenses, seed for savings or perhaps a down payment.

However, many people who file for Chapter 13 find tax season brings an unwelcome surprise: a tax return turnover.   Cases filed after January 1, 2010 are subject to an annual return turnover. According information distributed by San Antonio Chapter 13 Bankruptcy Trustee, Mary K. Viegelahn,  this means debtors whose plans are over 36 months and are not paying 100% to general unsecured creditors may be required to turn over their tax return to the trustee.  The trustee may view the return as disposable income that should be distributed to creditors.  

This does not mean Chapter 13 debtors are immune to unexpected expenses. Actually, there are situations where a debtor may be allowed to keep a tax return by the court if proper documentation is filed.  In the case of the Western District of Texas, a request can be filed with the court. The document is known as a Stipulation For Debtor To Retain Tax Refund and your attorney should be able to help you prepare and file it. 

Trustee Viegelahn and many other bankruptcy trustees, request debtors provide them a copy of each year's tax return citing 11 U.S.C. 521(f)(1) of the bankruptcy code.  Not doing so can result in the trustee moving to dismiss your Chapter 13 case.

If you have questions about filing for bankruptcy contact The Law Office of Gerald C. Moton for a free consultation with Mr. Moton.