| Volume 65 Number 2 |
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The People’s Lawyer’s Tip of the Day
In Texas, there is no wage garnishment except for child support, most federally-backed debts, and certain taxes. A debt collector's threat to garnish your wages when he cannot do so, for example for a credit card debt, violates Texas and federal debt collection laws. Click here for more.
President Obama Signs Debt Increase
Treasury Secretary Tim Geithner set August 2, 2011 as the "drop dead" date to get a deal done to increase the debt ceiling. Ultimately, Congress fought it out until the final hour. Sure enough, on Tuesday, August 2, the United States Senate passed an eleventh hour bill to raise the debt limit, covering the Treasury's financial needs until 2013. The Budget Control Act of 2011 will increase the debt ceiling by $2.1 to $2.3 trillion dollars. As part of the deal, the legislation will reduce the deficit by $2.1 trillion over the next ten years. What do you need to know about the Budget Control Act of 2011? Click here for more.
Fix It or Trash It?
Things get old. Over time, appliances and electronics start falling apart. Sometimes you can get a few extra miles out of a television by using some duct tape and creative thinking. But when should you make the decision to just trash it? Once such items start going bad, you might be better served by purchasing a newer, more energy efficient model. In other instances, you would be better off getting those items fixed. Vehicles, household appliances, clothing, and electronics are among the household items most likely to break down over time. How do you make the right decision about whether to repair or replace? Click here for more.
Your Money
How much will you pay in self employment tax? Click here for more.
For the Lawyers
Plaintiff suing drawer of check is entitled to attorney’s fees. The Texas Supreme Court held that a suit under Article 3 of the UCC is a suit for breach of contract. The court stated, “We must determine whether a suit by a check's holder against its drawer under section 3.414 is a claim on a contract to which section 38.001(8) applies. We conclude that it is.” Click here for more.