Posted on June 26, 2014 in Bankruptcy

Many people think of bankruptcy as a credit death sentence. Thanks to some of the common myths surrounding bankruptcy, many people steer clear of it …

Many people think of bankruptcy as a credit death sentence. Thanks to some of the common myths surrounding bankruptcy, many people steer clear of it without realizing the potential benefits it may provide for their dire financial situation. As a bankruptcy firm, we are always trying to help people gain a better understanding the bankruptcy process.

Some of the most common myths we hear people wrestling with include the following:

• Your credit will be ruined forever: This might be one of the most popular myths about bankruptcy. While your credit will be damaged after a bankruptcy, or any spout with severe debts, you will be able to rebuild and restore it over time. Many debtors are able to pay off debts much more effectively once they file for bankruptcy, even obtaining credit cards just months after their bankruptcy discharge.

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 Posted on May 20, 2014 in Divorce

What are the First Steps in Seeking a Divorce?

The decision to divorce is never an easy one. Once you’ve decided to end your marriage you’ll need to begin the divorce process. In Texas, the divorce process can be made easier with the use of a "no-fault" divorce. One or the other party must begin by filing for a divorce with the court system. Before you begin the process it’s best to consult with a knowledgeable law firm such as Powell Law Offices for guidance.

The Divorce Process

Before beginning the divorce process you’ll need to review your financial and legal obligations. Finances are often a topic of disagreement during a divorce. You will need to make sure you have a current list of your finances including both assets and debts. In Texas, property acquired during the marriage is generally considered marital property and will be divided equally between both parties. When listing assets and debts be sure to include bank accounts, credit cards, homes, vehicles, and retirement accounts, among other items.

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 Posted on May 12, 2014 in Divorce

I talk to people every day who say to me, "My spouse and I agree on everything for our divorce. Why should I hire an attorney for my divorce? I can do it myself for much cheaper".

BEWARE! Even if you and your spouse agree to everything, the way your paperwork, especially the final order (also known as the divorce decree) is worded is essential. This is especially true if you have children and part of your divorce agreement is custody, visitation and financial support of those children.

I meet with people all too often who did their own divorce, and are now arguing over something they meant to address in the decree, but didn’t, or didn’t think it needed to be addressed because "they were being nice, and always get along, so it shouldn’t be a problem".

As you all know, relationships change, and you both may not get along as well as you used to, or may not agree on what your actual agreement was.

If you make the mistake of not hiring a lawyer to do your divorce, you will most likely end up hiring one to modify or clarify your divorce decree, if possible, to make the language more specific so that you are no longer arguing. This is much more difficult that getting the decree right the first time, though. Once the decree is signed by a judge, it is a binding court order, and it is much more difficult to modify an existing court order than to make sure it’s drafted correctly the first time.

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