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, […]

A chapter 7 is the easiest way to take care of credit cards, medical bill, and any other unsecured debts. The chapter 7 is a bankruptcy that discharges all unsecured debts. Discharges means that you will never have to pay on that debt and it will fall off your credit when the bankruptcy falls. In […]

If you are doing some form of credit cards counseling. Your payments may or may not be affordable they are based on what they think the creditors will agree to accept. Some of the creditors may not accept any thing they offer and you have to pay them separately at the 30 percent interest rate […]

If you owe large amounts of debt, based on claims filed in your case, then your monthly bankiruptcy payment to the trustee will be increased to provide for these priority and secured claims filed. In some case, the monthly payment will exceed your monthly disposable income.
This situation usually occurs when a client has business […]

It is that time of the month for foreclosure sales. A foreclosure sale means a person has fallen behind on their mortgage payments and the mortgage company is trying to take the home back or sell to the highest bider. By this point all work out plans have fail to work for one […]

A Debtor came to our office today to discuss his bankruptcy options. He has previously filed a Chapter 7 in 2003. He filed that bankruptcy in an attempt to discharge a debt he owed his ex-wife. When they got divorced, he agreed to pay her alimony for 10 years. He then […]

After receiving a Chapter 7 bankruptcy discharge, you can begin to rebuild your credit by purchase of automobile, home or small limit credit card. The key to rebuilding this credit is to stay current on your secured loans and pay off the balance of your credit card each month. Your credit score is also based […]

Every body has fears of what is going to happen after filing a bankruptcy. They are thinking I will never be able to buy a car,house, or anything else on credit. All my neighbors will know. My job will fire me or the new job will not hire me because of the bankruptcy filing.
Based on […]

I understand that no one wants to file a bankruptcy, They think if I do everyone will know about it, I will never buy a house or car, can lose my job, never have a credit card, and general have bad credit for the rest of my life.
First off you would not be filing the […]

When a person files a bankruptcy, it stops all other legal actions. This is the main reason why most Debtors file bankruptcy, to stop a foreclosure, to stop a repossession, to stop a wage garnishment, to stop creditors from calling; the list goes on and on. However, it is not always beneficial to […]