| Volume 17 Number 3 |
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The People’s Lawyer’s Tip of the Day
The Texas Deceptive Trade Practices Act protects you whenever someone misleads or deceives you. This is our consumer protection law, but beware it applies to all sellers, including you when you sell at a garage sale, through a classified ad, or on the web. Don't say anything misleading or deceptive about what you are selling. It could cost you a substantial amount in damages.
Police Arrest Man In Craigslist Scam
Police arrested a suspect accused of scamming residents into paying $250 for a fake rental home. Click here for more.
Avoiding a Subprime Mortgage
Subprime references the borrower's credit rating, so the easiest way to avoid getting a subprime loan is to have a prime credit rating. Click here for more.
How To Split Up The Willed Family Home
The most popular final directive in many a last will and testament reads: My estate shall be divided equally among my children. But what happens when most, if not all, of an estate's assets are real property, most commonly the family home? How do you divide that three ways? Click here for more.
Taxes on Foreclosed Homes
Taxpayers who lose their homes might be left with a higher than expected tax liability. Debt canceled by lenders is considered taxable income. So if a lender forgives your credit card debt, home loan, or other debt, you will pay tax on the amount canceled. Click here for more.
Your Money
What happens when your adjustable rate mortgage adjusts? This calculator will help you find your new payment. Click here for more.
For the Lawyers
Cash from a surrendered whole-life insurance policy is not exempt from a bankruptcy estate under Texas law. The 5th Circuit has held that Texas law does not exempt cash that comes from a whole life policy. The court noted that "Texas did not mean to exempt money from a surrendered whole-life policy, money a beneficiary will certainly never see. Click here for more.