Personal Finance Archives - Rubin & Associates

Which rights do you have during a foreclosure?

With foreclosures in the Dallas area on the rise, we are hearing more and more questions about the rights that homeowners have during the foreclosure process. Foreclosure is obviously a challenging and confusing time, and understanding your rights is crucial for navigating the process effectively. Since we know more people are searching for these answers, I wanted to outline the key rights you have as a homeowner in Texas during foreclosure.

Right to Notice

Notice Before Acceleration: In Texas, before your lender can accelerate your loan (demand the full balance), they must provide you with a notice that gives you at least 20 days to “cure the default” (the official term for paying off the overdue amount and late fees). (more…)

By Mark Rubin|2024-01-18T09:20:09-06:00January 18th, 2024|Bankruptcy, Debt, Foreclosure in Texas, Personal Finance, Texas Bankruptcy|

Only half of Americans think they can pay off their December credit card bill

Only 51% of Americans in a recent survey were confident that they could pay off their credit card bills this month – a big increase from the same time period last year. Every month, LendingTree conducts its Credit Card Confidence Index, and the December 2023 results are the worst since the survey began in September of 2018.

According to the report released last week, a “nationally representative” survey of American credit card holders showed that 49% did not think that they would be able to pay off their credit card bills this month. Only last month, the November survey results showed that only 42% were not confident about paying their bills. The previous low point was set in June 2022. (more…)

By Mark Rubin|2024-01-02T12:12:41-06:00December 28th, 2023|Bankruptcy, Debt, Financial, Money Management, Personal Finance|

8 Holiday Shopping Tips for 2023 To Avoid Racking Up Debt

The 2023 holiday shopping season is finally upon us. Notoriously, holiday shopping is one of the largest contributors to increased credit card debt – people get in the holiday spirit and spend much more than they should.

This year, you can shop smarter and still get gifts for everyone on your list, all while avoiding additional credit card debt. With some planning and a little bit of self-control, you won’t have to worry that this year’s holiday shopping season will break the bank. To help lessen the stress of holiday shopping, we put together a list of 8 holiday shopping tips that will help you shop responsibly and avoid adding more credit card debt: (more…)

By Mark Rubin|2023-11-30T15:55:55-06:00November 29th, 2023|Personal Finance, Saving Money|

Why do people delay filing for bankruptcy?

Whether we are in a recession or not, it is not easy to earn enough to live comfortably in today’s world. You would be surprised to learn how many Dallas-area residents struggle on a monthly basis to simply make ends meed. Adding children or additional vehicle payments to the mix make a difficult situation even tougher. All it takes is one unexpected expense to send finances (and debt) spinning out of control.

Sure, many families put money aside for unexpected expenses, they rarely have enough to cover for whatever might happen. Whether it’s an accident, the sudden loss of a job, an illness, or even a natural disaster, it does not take much to deplete any savings. Before long at all, bills start to pile up and debt starts to grow to uncontrollable levels. (more…)

By Mark Rubin|2023-08-31T17:29:34-05:00August 31st, 2023|Bankruptcy, Debt, Financial, Money Management, Personal Finance, Texas Bankruptcy|

Your Credit Score: What the Number Really Means (and What It Doesn’t)

Everyone knows that their credit score is important – but most Americans don’t understand how the scores are assessed or affected by their actions. Ideally, you want a credit score in the 700-800 range, but what does that really mean – and how do you get there?

Your credit score is calculated by one of the credit reporting agencies – EquiFax, Experian, and TransUnion. These agencies assign your credit score based on current and historical factors, and the score is an assessment of how likely it is that you’ll repay any debts that you accrue. The majority of the score is related to your past payment history and your current level of debt.

Lenders use your credit score to determine how risky it would be to lend you money. With higher credit scores, your loan terms and interest rates will be much better. If you have a lower score, you’ll be assigned a higher interest rate, since the risk is greater for the lender. If your score is low enough, you may not even be approved for the loan or credit card. (more…)

By Mark Rubin|2023-06-01T09:51:08-05:00May 25th, 2023|Bankruptcy, Bankruptcy Myths, Financial, Personal Finance|

US Credit Card Debt Hits All-Time High – What Does That Mean For You?

Credit card debt in the United States hit a record high at the end of 2022, topping out at almost $1 trillion for the first time ever. During the last quarter of the year, delinquencies were growing at a faster and faster rate. The Federal Reserve Bank of New York released data that showed overall balances growing by $61 billion over the last three months of 2022 – with a grand total of $986 billion for Q4. This was the largest increase over a single quarter since the bank started tracking changes in 1999. (more…)

By Mark Rubin|2023-12-01T14:54:35-06:00March 20th, 2023|Bankruptcy, Debt, Financial, Personal Finance|

Struggling with debt? Here’s how to avoid bankruptcy

Debt is pretty much a fact of life for most Americans, especially in today’s post-COVID landscape. Most families do not teach their children how to responsibly manage money, which leads to problems down the road. The majority of today’s workforce has learned money management through trial and lots of error.

It is far too easy to get overextended on your finances, and most people do not realize that they are in trouble until it’s almost too late. When you are already stretching your finances to the limit, any unexpected bump can send you down the road to bankruptcy. (more…)

By Mark Rubin|2023-03-20T14:42:15-05:00September 29th, 2022|Bankruptcy, Debt, Personal Finance|

6 Tips For Avoiding Bankruptcy

The proliferation of credit cards and the “gotta have it now” American lifestyle have lead to a problem: for many Americans, living with debt is par for the course. The changes in America’s financial landscape due to COVID and resulting lockdowns have only made things worse. In many cases, debt spirals out of control until filing for bankruptcy appears to be the only way out.

Most of our clients are regular, hard-working DFW-area residents who simply hit an unexpected bump in the road. Whether it was the loss of a job, reduction in wages, or an accident, a single speed bump on the road of life can send you in a completely different direction.

Once you start living on credit and spending more than you can afford to pay off, the debt multiplies quickly until it seems like there’s no escape. (more…)

By Mark Rubin|2021-09-26T14:26:16-05:00September 26th, 2021|Bankruptcy, Debt, Personal Finance|

Should I File For Bankruptcy?
Should I File For Bankruptcy?

Bankruptcy, Personal Finance, Texas Bankruptcy

Should I File For Bankruptcy?

Filing for bankruptcy is a huge decision, and usually it has to be made under pretty extreme stress. Your circumstances are unique – so the best way to know if you should file is to call us at 214-760-7777 for a free consultation. The pandemic and ensuing lockdowns have made the situation even more stressful for many DFW area residents. This post will help answer a few high level questions, but it is always better to talk to an expert to get answers about your specific situation.

In general, these are a few of the most important questions to consider before filing for bankruptcy:

Can you pay back your debts outside of bankruptcy?
Are creditors suing you to collect their debts?
Are you facing foreclosure or repossession of your property?
How much property do you own?

Can you pay back your debts outside of bankruptcy?

Before you decide to file for bankruptcy, think about the types of debt you are trying to eliminate – and consider whether you can pay off those debts outside of bankruptcy. For example, if your main struggle is credit card debt, determine whether you can really afford to pay it off. If you make enough money to pay back your credit cards, you could consider consolidation, where you combine them into a single loan or settle your debt with the credit card company. (more…)

By Mark Rubin|2021-05-25T16:27:55-05:00May 25th, 2021|Bankruptcy, Personal Finance, Texas Bankruptcy|

6 Tips to Avoid Holiday Debt
6 Tips to Avoid Holiday Debt

Bankruptcy, Personal Finance

6 Tips to Avoid Holiday Debt

The holiday season is upon us again, with Black Friday and Cyber Monday just a few weeks away. The holiday season, and Black Friday in particular, are designed to get Americans to spend as much money as possible. This year, the COVID lockdowns will change the way people shop for the holidays. The doorbuster shopping events won’t happen this year – everyone will be shopping from home.

Shopping online can be more dangerous for your debt situation, since you’re not physically at the store and paying attention to the prices of the items you’re buying. Plus, credit cards give you the illusion that you can spend more money than you currently have, so many Americans fall deeper into debt during the holiday spending season. Making matters worse, gifts bought on credit cards end up costing far more than if you paid cash, once you factor in interest rates and finance charges. There’s also the fact that if you max out your credit limit, your credit score will drop.

Once the holiday season is over, the warm fuzzies disappear, and you’re left with even more debt. This year, we thought we’d share a few holiday spending tips to help you avoid over-spending, and hopefully help you avoid any more debt. Once you realize that Black Friday is specifically designed to get you to spend more money than you planned on spending, it’s easier to avoid the holiday credit card blowout.

(more…)

By Mark Rubin|2020-10-28T16:53:01-05:00October 28th, 2020|Bankruptcy, Personal Finance|