Money Management Archives - Rubin & Associates

Is there an income limit to file for bankruptcy?

Financial struggles are more common that most people think – most Dallas-area residents are only one financial bump in the road away from out of control debt. One of the most common questions we hear in initial consultations with clients is if there is an income limit to file for bankruptcy. One of the most common misconceptions about bankruptcy is that it is only available to people with very low incomes. This simply is not true. Whether you are earning a modest salary or have a high-paying job, bankruptcy can still be a viable option for getting your finances back on track. (more…)

By Mark Rubin|2024-11-30T20:14:40-06:00November 30th, 2024|Bankruptcy, Bankruptcy Myths, Debt, Financial, Foreclosure in Texas, Money Management, Personal Finance|

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|

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|

How old do you have to be to file for bankruptcy in Texas?

We are seeing an increasing number of younger clients come in for free consultations and ask if they are old enough to file for bankruptcy. While there are government-set age limits for driving, voting, and drinking, you may be surprised to learn that there is no age restriction for bankruptcy.

In fact, the absence of an age limit for bankruptcy made the news back in 1998 when a 10-year-old in Maryland filed for Chapter 13 bankruptcy. Yes, you read that correctly – a 10-year-old filed for bankruptcy.
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By Mark Rubin|2023-07-31T09:04:19-05:00July 28th, 2023|Bankruptcy, Debt, Money Management, Texas Bankruptcy|

4 Scary Ways to Damage Your Debt

It is Halloween this weekend, so we had to share something scary here on the blog… and this time, we are sharing 4 Scary Ways to Damage Your Debt. Let’s face it – nothing is scarier than overwhelming debt that spirals out of control.

If you are not careful about how you spend your hard-earned money, and even how you conduct transactions online, you can easily start down the path to crushing debt. Today’s post is going to examine the 4 most horrifying ways you can head down a scary financial path.

1. Hackers and scammers

Digital thieves have become incredibly creative – you need to be extremely careful whenever you provide your credit card number to ANY online service. Charities are a common ploy, so make sure you do research on a charity before you make a donation – especially if you are solicited at your front door or over the phone.

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By Mark Rubin|2021-10-29T12:44:53-05:00October 29th, 2021|Bankruptcy, Debt, Money Management|

How To Pay Your Bills On Time
How To Pay Your Bills On Time

Money Management, Personal Finance

How To Pay Your Bills On Time

Sometimes the simplest things in life can be the hardest to do. The concept of paying an invoice on time is fairly simple, but with life throwing you unexpected curve balls, getting a check in the mail or making a payment on time is sometimes the last thing on your mind. Especially during the huge unknown of COVID, it’s important to stay on top of your bills so you don’t get behind.

Even though paying bills is a mundane task, doing so on time results in several positive effects:

You avoid late fees. You don’t have to part with more money than you should.
You keep your lights on. If you don’t pay your bills, the companies will eventually cut off their service and you could be left in the dark.
You keep your credit score in good standing.
You get peace of mind. Save yourself from worrying about what will happen if you don’t pay your bills on time.

If you’d like to achieve these results, here are a few tips to help you get on schedule with your bill pay system.

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By Mark Rubin|2020-08-28T10:16:30-05:00August 28th, 2020|Money Management, Personal Finance|

The 4 Dumbest Money Mistakes, According to Shark Tank’s Mr. Wonderful

We read an amazing post yesterday, and just had to share it here on our blog. Shark Tank’s Kevin O’Leary, known as “Mr. Wonderful”, shared the 4 most common money mistakes that people make.

According to O’Leary, the most important question you need to answer about your life is “How much does it cost you to be alive?” If you can’t answer that question, you’ll be in serious financial trouble soon.

Common money mistake #1: Buying crap clothes you don’t intend to wear

Far too many people buy clothes they don’t end up wearing. Most people wear the same 20% of their clothes 80% of the time. Stop buying clothes just to buy clothes – instead, invest in high quality clothes and wear them out. (more…)

By Mark Rubin|2016-07-14T16:59:43-05:00July 14th, 2016|Money Management, Personal Finance|

Wondering how bankruptcy will affect your tax refund?

It’s tax season again, and we’re getting a significant number of calls from people wondering what will happen to their tax refund if they file for bankruptcy.

It really depends on two factors – what type of bankruptcy you’re filing and the size of your refund. With a Chapter 7 bankruptcy, most of the time your refund will be protected because it’s considered an asset. If you’re filing for bankruptcy during tax season, make sure you work with your attorney to be sure you’re maximizing your refund. When our clients are filing for bankruptcy around tax season, we typically encourage them to wait and file after they get their refund – then they can use that extra money to help with the cost of the case.

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By Mark Rubin|2016-02-29T11:26:37-06:00February 29th, 2016|Bankruptcy, Money Management|

5 Tips for Saving Money on Summer Vacation

School’s out for summer, and that means most American families will be hitting the road for a summer vacation. Whether you’re heading across the country or hitting a local resort, a summer vacation can become an extremely expensive trip. Many Americans decide to charge the entire trip to their credit cards, and any big additions to debt can lead to a downward spiral.
Avoiding overwhelming debt is the most important step in preventing bankruptcy. Follow these simple tips to help reduce the financial strain of your summer vacation this year, and your bank account will thank you for it.

1. Opt for a staycation

If you go the staycation route, you’ll save tons of money on travel and lodging. You’ll sleep in your own comfortable bed, and you can use all the money you saved on travel on more extravagant activities. Be a tourist in your own city – try out the amazing restaurants and go see the sights.

2. Do lots of pre-vacation activity research

If you’re visiting a destination that you’ve never seen before, spend some time online checking things out before you get there. Check out travel blogs, area websites, and review sites to see what other vacationers have done in the area. See what others have enjoyed, and find those hidden gems you would never have found on your own. Since you’ll have your trip planned out in advance, it’s easier to stick to a budget.

3. Do lots of pre-vacation lodging research

Sites like VRBO.com let you rent a vacation home directly from the owner, cutting out any extra amount that would be included if a middleman were part of the process. Again, check out review sites and travel blogs. There are always amazing options that might be a bit off the beaten path. You’ll save money and stay at a nicer hotel.

4. Find lodging early and get a discount

If you’re just now planning a trip, it might be harder to find cheap accommodations. Your best bet is to check Airbnb. Most of the time, you’ll find a great place to stay that’s significantly cheaper than area hotels. Many times, if you’re booking multiple nights, you can get a discount on the standard rate. Make sure you ask your host if a multi-night discount is a possibility.

5. Make sure you pack everything

Remember to pack all of your toiletries and appropriate clothing for the climate you’re visiting. If you get to the beach resort and realize you left your swimsuit and sun block at home, your wallet isn’t going to like the exorbitant prices that you’ll pay at the hotel.

By Mark Rubin|2015-06-25T16:02:26-05:00June 25th, 2015|Money Management, Personal Finance|

5 Money Tips for Newlyweds

Establishing responsible spending habits early in life is one of the key factors in avoiding debt and bankruptcy later in life. The earlier you start forming these habits, the better off you’ll be. One of the most difficult financial periods for most Americans happens early on in marriage.

Combining two bank accounts, spending habits, and lifestyles can often lead to disagreements and fights about money for many newlywed couples. In many cases, newlyweds tend to overspend and build up a significant amount of debt – many times, simply because they haven’t taken the time for financial planning.

If you’ve recently tied the knot, or if your wedding is fast approaching, these 5 tips will help you and your significant other create a solid financial plan and form responsible spending habits.

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By Mark Rubin|2015-05-16T14:38:53-05:00May 16th, 2015|Money Management, Personal Finance|