Bankruptcy Blog

In recent years, credit card debt has skyrocketed nationwide as the economy has declined. Foreclosures are on the rise in Texas and across the country. Many Dallas area consumers find themselves in serious financial distress, which have many considering filing for bankruptcy in order to gain a fresh start.

Everyone knows they need to do something, but aren’t sure what can be done to fix their financial situation. Bankruptcy is an intimidating issue with a lot of questions. Dallas area bankruptcy attorneys can answer all your questions. No one has to face bankruptcy alone.

Bankruptcy lawyers have the knowledge and expertise to evaluate individual situations and provide the best course of action. Whether it’s Chapter 7 or Chapter 13, an experienced attorney can make the best of your financial situation. Bankruptcy lawyers can stop foreclosure, stop creditor harassment, and file your claim.

In 2007, over 40,000 Texans filed for bankruptcy. If you’re a North Texan considering filing bankruptcy, it’s important you choose a local attorney experienced in bankruptcy law. Each state has their own bankruptcy laws and exemptions, by choosing a Dallas bankruptcy lawyer you will have the best local legal knowledge at your disposal.

Contact a Dallas bankruptcy lawyer today to discuss your case for free.You don’t have to face financial disaster alone. Many Dallas bankruptcy lawyers offer a free financial evaluation to see if you qualify for bankruptcy. You can have a fresh start today.

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In the United States, many of us are taught failure is not an option. And when it comes to financial difficulties, bankruptcy seems to be a major failure. However, financial disasters can happen to anyone and many times from situations beyond our control. You may now find yourself dealing with creditor calls, collection notices, foreclosure, and/or bankruptcy.

Financial disaster can seem like a personal attack on your self-worth, no matter the cause and your self-esteem may be hit harder and more quickly than your wallet.. The sense of failure can bring about depression, anxiety, and panic. These emotions compounded with the pressures from creditors create a downward spiral until it seems like there’s no way out.

It may seem “easier” to pretend nothing is wrong, but this isn’t the wise course of action. If you’re facing foreclosure or bankruptcy, you need help. By avoiding the issue, you’re only compounding future problems. Meeting the issues head on and admitting things aren’t “fine” are the first steps in help and hope. But where do you turn? Who can understand what you’re going through?

Talking to a qualified professional, like a bankruptcy attorney, could show you ways out you may not have considered. Every situation is unique, but a qualified attorney can show you options which could stop the creditor calls and even stop a foreclosure while you make a fresh start.

Bankruptcy and foreclosure don’t have to be the end of the line. Even with the changes in the bankruptcy laws, you may still qualify for help. By talking with a bankruptcy attorney, you can be on the road to financial recovery and a new beginning today.

Filing a Bankruptcy may improve your credit if you have bad credit. However, if you have good credit, then bankruptcy may not be the best option. Bad credit usually happens after some form of bad luck. Losing your job or a major cut in pay will change a good paying history in a very short period. Once the slow pay start and then the interest rate go up they end up a no pay. A car that has been reposed is one of the biggest negatives, Once it happens the car lot use it against you to give you a higher interest rate on the next car, which makes the next car a higher payment, which means the chances of a second reposed car are greater. The balance of the reposed car will never go away it is worth if for a collector to sue at some point. The same happens with an apartment broken lease, they add on so many fees it end up a very large debt. The though about thing on our credit is that it will fall off after 7 years, no only the good things fall off after 7 years. This is why by filing the bankruptcy will Discharge the account and now it will fall off. Because it does this to all the account creditors will allow you to start rebuilding in a much shorter point.
If your income has had a change and the debts are piling up talk to a bankruptcy attorney to see how the filing might help you.

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A Chapter 7 Bankruptcy is what most people think of when you say “Bankruptcy“. This bankruptcy deals with unsecured debts. If you are behind on your house or car the chapter 7 will not help you to keep those things. The chapter 13 bankruptcy is mainly used for people that have fallen behind on their house or car. It is a plan to allow you to put the arrears in a plan and pay it back over the next five years. The mortgage company plan is usually to pay the arrears back over the next six month to a year, making it impossible to catch up. If the mortgage company has given up on you and has started a foreclosure sale the filing of the Bankruptcy will stop the sale as late as the day of the sale. In the process of helping you with the home your credit cards or other unsecured debts will be taken care of. The payment to them is based on what is called disposable income. Whether after the five years the creditors have received all there money or none the rest is discharged.
If you have fallen behind on your mortgage you might talk to a bankruptcy attorney to see how the laws can help you.

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Before filing a bankruptcy there are some things that you don’t want to do. The bankruptcy is a legal means to deal with creditors, but it creditors have rights too. If prior to the filing you go out and max out all your credit cards in a very short time both the creditor and the Trustee might have a right to object to your discharge. One person, a month before filing went out and used his credit card for the down payment on a new car. It was not the fact of the need to buy a new car it was the 8 thousand dollars he put on the credit card, He is having to pay it back! Going into Best Buy and buying that big screen TV and surround sound system you have been wanting. For two reason this could be a problem the first is the trustee has the right to see what you have bought and second if you used Best Buy credit the debt could be deem a secured debt. They have the right to have you return the TV or continue to pay for it.
The Bankruptcy laws are there to help us when thing have gone wrong. It can help us get down the road till thing get better. So if things have changed in your income talk to a Bankruptcy Attorney to see how the laws can Help.

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Discharge is the term for what comes after a completion of a Bankruptcy. With that comes the satisfaction of knowing what ever was discharged you will never have to pay on again an after the 7 to 10 years it will fall off your credit. Once you have your discharge this the time creditors will start judging you and your credit again. A car company will still be fairly hard on you the first year meaning a high interest rate, so if the need for a car is there go to the new car dealers but look at the year or two old cars or the cheapest new car. This way in a year or two when you start looking again the interest rate will be in line and you will not be to far upside down on this car. Credit cards will start sending offers but be very careful about which offers you take. The $250 deposit for a $250 credit limit could be a total scam meaning you get the card and already over the limit. So read all offers because a credit card will help you rebuild your credit. After the filing of a bankruptcy you need to make sure to make all payments on time.
So if you do have things that are charged off that is not the same as discharged, you should talk to a Bankruptcy Attorney.

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A Bankruptcy is a legal means of dealing with debts that for one reason or another have now become impossible to pay. If your income is still enough to maintain the car and house, and it just credit cards or other unsecured debts that is the problem then the Chapter 7 Bankruptcy can discharge those debts and allow your to start over keeping your present car and home.
If you have fallen behind on the car and house also then the Chapter 13 Bankruptcy will help you keep those things as long as the income is at least enough to continue making the payments once the bankruptcy has caught you up. The bankruptcy has rules that both you and the creditor have to go by, This is why you need to talk to a Bankruptcy Attorney when a major change has happened to your income.

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In todays time having bad credit is going to force you to pay way too much for a car and chances of owning a home is going to be impossible. Bankruptcy is better than bad credit. Things happen in our lives that we do not always have control of, Losing a job after many years, a divorce, or some from of medical illness. When these things happen, the way we paid our bills before is now not possible. The term a fresh start was put to a bankruptcy for a reason. Bankruptcy is a legal means of taking care of our responsibility of debts. It is unfortunate that the bankruptcy needs to be filed but at least you did something about the debts. Just not paying means the debts will never go away a new collection agency will come and pick up the debts and now its another 7 years. Once the Bankruptcy is filed ten years later the bankruptcy and all the bad debts fall off but in the mean time you will be able to start rebuilding your credit basically the day it is filed. Credit cards will usually start sending you offers after 6 months, car dealer will look at you differently , and mortgage company’s will consider lending you money in a couple years.
So if there has been a change in your income you should talk to a Bankruptcy Attorney to see how the bankruptcy laws can help you.

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When you file a bankruptcy yes you could lose some assets. Depending on which state that you live you can use either state exemptions or federal exemptions. The exemptions are the allow-able things you can have and file a Chapter 7 Bankruptcy and those things are protected. You can always go into a Chapter 13 Bankruptcy and protect those thing that are not protected, meaning paying an equal amount to the creditors of what the assets are valued at. In Texas you are allowed to use either state or federal exemptions. An example would be your home is paid for, the state exemption would cover the home, two cars for husband and wife and the house whole contents. The boat and the five thousand in stocks you have would be unprotected. If there was no home the cars, boat, and stocks might be protected by using federal exemptions.
If a Bankruptcy is a term being used in your life talk to a Bankruptcy Attorney to see how the bankruptcy laws can help you.

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The filing of a Bankruptcy is a legal way of dealing with creditors, that for one reason or another that you can not continue to pay. By filing the bankruptcy yes you may lose some things but if you don’t file you might lose more things. If you have lost your job and you can not afford to make your car payment the creditor has the right to come reposed the car, but if you have just taken a cut in pay the Chapter 13 Bankruptcy can lower your car payment to where you can keep the car. The car creditor has to accept this lower payment because it is the law. This is the same for your home and the credit cards, they have to abide by the bankruptcy laws.
So if something has happened to your income talk to a Bankruptcy Attorney to see how these laws can help you.

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