Financial matters are both complex and critical. You deserve an attorney by your side who can help you determine what’s fair, legal, and appropriate in any financial situation, such as bankruptcy, real estate purchases, foreclosures, loans, taxes, and social security or disability matters.
If your bankruptcy is being filed jointly for you and a spouse, both spouses must be on your Texas Legal plan in order for the issue to be covered.
Chapter 7 is a liquidation bankruptcy. If qualified to file by meeting a “means” test, your debts will be discharged. This means that they go away and you never have to pay them again. Chapter 7 is referred to a “liquidation” bankruptcy because if you have assets in excess of your state’s (or, federal, if permissible) exemptions, those assets are taken and sold by the bankruptcy trustee to pay off your creditors.
It sounds scarier than it is; most people who file Chapter 7 are covered by the exemptions. This means they can keep most, or all, of their property, including their house and car, as long as they can make future payments. If your equity exceeds the applicable exemptions, you can purchase your property at the wholesale cost, not what you owe. Some debts cannot be discharged such as most taxes, child support, alimony, student loans, and criminal debts.
Chapter 13 is a reorganization bankruptcy also known as “wage earners” bankruptcy. If qualified, you are able to pay your debts through a three to five year payment plan. Some unsecured debts may be discharged or reduced and interest and penalties are eliminated.
For example, in today’s economic climate, often second and third mortgages can be discharged if they are unsecured because the value of the home has decreased.
Assets are not seized if as the individual can make future payments, in addition to the debt repayment plan payments. In other words, the Chapter 13 petitioner must be a wage earner or, otherwise, have sufficient income to make all payments.
Although many residential real estate purchases do not require an attorney’s help, you can always ask a Texas Legal attorney to review any documents for inconsistencies or potential problems, especially if you’re purchasing your first home. In addition, there are some more complex situations where a lawyer’s help can be useful in a real estate purchase, such as when there’s a problem with the title, a conflict between buyer and seller, a for-sale-by-owner purchase, a contract-for-deed (commonly called rent-to-own) purchase or when buying a foreclosed property. In all of these situations, an attorney can help guide you through the process, ensuring your success and satisfaction.
If no suit has been filed in your foreclosure case, a Texas Legal attorney can help you with reviewing and preparing the necessary documents. If a lender has filed suit against you, you can get an attorney to represent you in court under our defense of civil action benefit. If you are being sued in civil court, your Texas Legal plan covers an attorney to assist you with your defense.
Tenants have the right not to be discriminated against. A landlord cannot avoid renting to someone because of the prospective tenant’s race, religion, color, nationality, sex, age, familial status, physical disability, or mental disability.
Tenants also have the right to habitable conditions. The home or apartment has to be safe; for example, there should be heat and running water and there should be no major structural problems, pest infestations, or lead paint issues.
The landlord has the right to be paid the rent as agreed upon in the lease. If the tenant fails to pay the rent and follow other reasonable rules as outlined in the lease, the landlord’s recourse is eviction
A loan agreement is a contract between a borrower and a lender that regulates the mutual promises made by each party. There are many types of loan agreements, including “facilities agreements,” “revolvers,” “term loans,” and “working capital loans.” Loan agreements are documented via a compilation of the various mutual promises made by the involved parties.
Prior to entering into a loan agreement, the “borrower” first makes representations about his affairs surrounding his character, creditworthiness, cashflow, and any collateral that he may have available to pledge as security for a loan. These representations are taken into consideration and the lender than determines under what conditions (terms), if any, they are prepared to advance money.
Loan agreements, like any contract, reflect an “offer,” the “acceptance of the offer,” “consideration,” and can only involve situations that are “legal” (a term loan agreement involving heroin drug sales is not “legal”). Loan agreements are documented via their commitment letters, agreements that reflect the understandings reached between the involved parties, a promissory note, and a collateral agreement (such as a mortgage or a personal guarantee). Loan agreements offered by regulated banks are different from those that are offered by finance companies in that banks receive a “banking charter” granted as a privilege and involving the “public trust.”
Loan agreements are usually in written form, but there is no legal reason why a loan agreement cannot be an oral contract (although they are more difficult to enforce).
Tax Law covers the rules, policies and laws that oversee the tax process, which involves charges on estates, transactions, property, income, licenses and more by the government. Taxation also includes duties on imports from foreign countries and all compulsory levies imposed by the government upon individuals for benefit of the state.
The intricate body of tax law covers payment of taxes to a minimum of four levels of government, either directly or indirectly. Indirect taxes are assessed against products and services that are meant to be consumed, but are paid to an intermediary. For example, when you buy coffee at a local corner store, the retailer charges you tax on your coffee, which he/she subsequently pays to the government. Direct taxes are those you pay directly to the government and are imposed against things like land or real property, personal property, and income.
There is a seemingly endless list of entities that create and enforce tax laws and collect tax revenues. They range from the local government level, such as cities and other municipalities, townships, districts and counties to regional, state and federal levels. They include agencies, transit districts, utility companies, and schools, just to name a few.
This area of tax law is exceedingly complex and in constant flux. The first reason is that the tax code has been used increasingly more often for objectives other than raising revenue, such as meeting political, economic and social agendas. The second reason is the manner in which the tax code is amended.
The Social Security and Supplemental Security Income disability programs are the largest of several Federal programs that provide assistance to people with disabilities. While these two programs are very different, both are administered by the Social Security Administration and only individuals who have a disability and meet medical criteria may qualify for benefits under either.
Social Security Disability Insurance provides benefits to you and certain members of your family if you are “insured,” meaning that you worked long enough and paid Social Security taxes.
Supplemental Security Income pays benefits based on financial need.
To find a Texas Legal financial law attorney near you, use our online attorney finder, selecting “Financial Law” under Area of Law, and choosing the legal issue that best matches your situation. Then put in your location or other specifics to find someone that meets your needs.