AllmandLaw » Bankruptcy Blog

If I Owe More Than My House is Worth Can Bankruptcy Help Me?

Reed Allmand — Thu, 09 Feb 2012 22:40:43 +0000

Many homeowners can relate to having an underwater mortgage or owing more on their home than what it’s worth. This can often make maintaining payments more difficult, not only on your home but on other financial obligations. If this is the case and you have more than one mortgage, Chapter 13 may be an option [...]

Why Do You Need to Undergo Credit Counseling After Bankruptcy?

Reed Allmand — Thu, 09 Feb 2012 15:36:30 +0000

By now, you probably have heard that the new bankruptcy laws enacted in 2005 require all petitioners to undergo credit counseling for a bankruptcy to be successful. While you’re certainly not opposed to undergoing credit counseling, you may wonder why such an emphasis is placed on this requirement. After all, doesn’t it stand to reason [...]

How Long Before the Bankruptcy Process is Complete?

Reed Allmand — Wed, 08 Feb 2012 22:18:04 +0000

While it’s possible to get debt relief in a matter of months, the length of the bankruptcy process will depend on what chapter is filed. Whether it’s Chapter 7 or Chapter 13, each option offers relief under different rules and it may depend on the amount of debts included in your filing. Chapter 7 is [...]

What Is Considered Bankruptcy Fraud?

Reed Allmand — Wed, 08 Feb 2012 15:14:51 +0000

When it comes to declaring Chapter 7 or Chapter 13 bankruptcy, you know the right steps you must take to make it happen. Declare all your income and liabilities. Put your credit cards away. Work with your bankruptcy attorney to ensure a successful petition. Breathe a sigh of relief when you finally have that messy [...]

How to Get Back on Track After A Dallas Bankruptcy

Reed Allmand — Tue, 07 Feb 2012 22:25:59 +0000

After you’ve successfully filed for your Dallas bankruptcy, you may feel like the last thing you want to do is touch a credit card or consider taking out a loan. Besides, the whole reason why you had to file for a Chapter 7 or Chapter 13 bankruptcy is because of credit cards and loans in [...]

The Finer Details of Declaring Bankruptcy

Reed Allmand — Tue, 07 Feb 2012 15:57:23 +0000

Filing for a Chapter 7 or Chapter 13 bankruptcy may seem like a pretty straightforward process: hire a qualified bankruptcy attorney, submit your assets and debts to the bankruptcy courts, and wait six to nine months for your debts to be discharged or re-arranged. While you may want to leave the finer details to declaring [...]

Common Questions about Bankruptcy

Reed Allmand — Mon, 06 Feb 2012 22:11:58 +0000

If you’re not familiar with how bankruptcy works its common to have questions about the process. If you have been struggling to pay your debt and continue to fall further behind, bankruptcy is an option worth researching. The following questions are often asked by those who are considering bankruptcy as a possible solution: Q: What is bankruptcy? [...]

Finding Loans After Declaring Bankruptcy

Reed Allmand — Mon, 06 Feb 2012 15:20:58 +0000

After declaring bankruptcy, you may be tempted to swear off all loans and credit cards forever. However, nothing is better for your financial health than responsibly using lines of credit (with the emphasis on “responsibly”). But finding loans after declaring bankruptcy might feel like the proverbial search for a needle in a haystack. If this [...]

Common Questions about Bankruptcy and Divorce

Reed Allmand — Fri, 03 Feb 2012 15:13:01 +0000

Dealing with financial issues during marriage is common but for some couples, money issues contribute to relationships that have gone downhill. With divorce being imminent, a spouse may become curious about what debt is owed, who will be responsible for paying it and what happens if someone isn’t able to pay. Since there are multiple [...]

Do I Need to Tell Creditors I Plan to File Bankruptcy?

Reed Allmand — Thu, 02 Feb 2012 21:46:59 +0000

Notifying your creditors about your decision to file bankruptcy is a personal option. It may depend on how comfortable you are talking about it as well as how soon you plan to file. Many people who file often don’t say anything to their creditors, instead they wait till the courts notify them in order to stop [...]