Posted on April 22, 2015 in Child Support

When a couple who has children gets divorced, the court will make both parents fill out financial statements. These statements will aid the courts in making a child support decision. Both parents will be required to fill out their monthly earnings and expenses so the judge can make an adequate plan for the child. A judge will try to keep the standard of living close to the pre-divorce.

The court will take these factors into account when child support is considered:

• What does the child need
• Needs of the custodial parent
• Standard of living before the divorce
• Parent’s ability to pay

Whether it is the first child support order or an adjusted one, the court will always seek to make a decision that reflects the child’s best interests above all else.

When Can You Modify Child Support?

If you need to change your child support payment plan, you will likely need to petition the court for a modification. Both parents may be able to secure a modification. For example, the custodial parent can also request a modification if they think the payment needs to be higher. It is important to note that the court will only consider request if the reason for modification is legitimate. There must be some type of change in circumstances for the court to grant the adjustment.

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 Posted on January 23, 2015 in Bankruptcy

Going through bankruptcy can be a scary and intimidating time in your life. With aggressive creditors stopping at no end to get what they are owed, it may seem like every second must be a serious financial calculation. When you are desperately considering the next step to take, remember that bankruptcy is an option meant to allow you relief and a new financial future. Since filing is so serious, you want to make sure that everything you do is in your best interest and helps you progress towards a start fresh in your financial future.

How to Handle Bankruptcy

If you decide to file, it important to know what actions you can take to help you reach your end goal in an efficient amount of time. While there are actions you can take to benefit your case, there are also plenty of missteps you could stumble over that hurt your case and prevent you from moving on.

Some things you should DO before bankruptcy:

• Set a reasonable monthly budget and abide by it

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 Posted on November 26, 2014 in Bankruptcy

Overwhelmed With Student Loans? Bankruptcy can Help

Rising costs of education and an increased importance of having a college degree in the workforce has resulted in massive student loan debt for a number of young adults in America. Many cannot afford loan payments alongside necessary expenses; however, defaulting on these loans can wreak havoc on your credit and even result in the loss of professional licenses or job opportunities.

While student loans are not dischargeable under the Bankruptcy Code in most cases, the process can still result in a "time out" for borrowers to catch their breath and hopefully increase earnings by the time collection efforts may continue. Chapter 13 Bankruptcy can help in one of two ways.

Time Out

The automatic stay is in place from the moment of filing bankruptcy and prohibits your student loan lender from collecting or attempting to collect on a debt. In most cases, this will be in place for the life of the bankruptcy, and student loan companies are required to put your loans in a deferment status during this time. A successful Chapter 13 Bankruptcy can result in a five-year deferment, allowing you to reorganize and eliminate other debt before your student loan payments resume.

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 Posted on November 14, 2014 in Child Support

Child Custody: How out of State Moves Affect Your Rights

Relocation to a new state may bring new job prospects, closer proximity to family, and a fresh start following divorce or separation. Unfortunately, it can also be complicated when moving a child away from another parent.

While it is best to negotiate and agree to long-distance visitation schedules and travel funding arrangements through your family law attorney, a judge may also decide if necessary. Texas courts are generally hesitant to approve relocation of a child over 100 miles away from a parent. However, if a request for relocation is made, the court will consider the following, among other factors, in its determination of what is best for the child and whether a request to relocate a child should be approved:

• Child’s current relationship with the non-custodial parent
• Difficulty or ease of maintaining the relationship with the non-custodial parent, including distance and travel expenses

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 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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