The Benefits of a Bankruptcy Filing

• For most people, the most important reason for filing for bankruptcy protection is to obtain the protection of the automatic stay. The automatic stay prohibits creditors from calling, writing or taking any other legal action outside the bankruptcy process to collect a debt. While the stay is in place, you can get caught up with some or many of your creditors.

• Filing for bankruptcy can actually help you get a quicker start on rebuilding your credit. Once creditors see that you have taken constructive action to resolve debt problems, they are often more willing to work with you and help you re-establish your credit.

• A Chapter 7 bankruptcy filing will allow you to permanently discharge some debts. This can free up the resources necessary so that you can meet your other financial obligations.

• Certain essential property is exempt from sale in a Chapter 7 petition, so you can discharge debts without losing your home, principal vehicle and other necessary items.

• Bankruptcy will stop garnishment, foreclosure and repossession proceedings.

The Consequences of Filing for Bankruptcy Protection

• You will lose all credit cards, unless they are paid off before you file, and you won’t have many opportunities for credit or credit cards for a while. In many instances, you can apply for new credit cards within 24 months, but may have to pay significantly higher interest rates.

• You may not be able to get a home mortgage for up to five years.

• You won’t be able to discharge all debts. Student loan payments, child support arrearages and certain tax debts cannot be wiped out in bankruptcy.

• Bankruptcy can carry an emotional stigma, but so can being sued for non-payment.

• A bankruptcy will appear on your credit report for up to 10 years, making it hard to buy a car or house, get life insurance or even a job.

• Bankruptcy is a matter of public record. If you file, your name will appear in court documents and may appear in the local newspaper.

Take a Close Look before You File

Bankruptcy is not for everyone. If most of your debt is in student loans or tax arrearages, you may be limited to debt reorganization or need to look at alternatives to bankruptcy. For additional information, contact an experienced bankruptcy attorney.

Helping You Regain Hope for a Better Financial Future

For consumers, typical causes of insolvency include a medical emergency, job loss or increase in payment on an adjustable rate mortgage. A business may get caught in an uncontrollable spiral of debt as a result of factors such as costly litigation, loss of major contracts, financial fraud or mismanagement, or the inability to secure new capital.

Debt Relief through Bankruptcy

Filing for bankruptcy may be an option for individuals and commercial enterprises in the grip of unmanageable debt. The U.S. Bankruptcy Code is designed to provide a legal avenue to help insolvent individuals and businesses pay off debt and regain financial stability.

At the Law Office of Areya Holder, P.C. in Irving, Texas, our exclusive focus is providing legal advice about bankruptcy and guiding clients through the bankruptcy process. Our firm represents individuals, small businesses and small to medium corporations throughout the Dallas / Fort Worth Metroplex, including Arlington, Plano, Bedford, Hurst, Euless and Grand Prairie, TX . The legal services we offer include a review and thorough evaluation of your finances in order to recommend the most effective legal approach to resolve your debt situation.

As a debt relief agency under the U.S. Bankruptcy Code, our law firm has extensive experience helping clients file for the following types of bankruptcy:

• Chapter 7
• Chapter 11
• Chapter 13

When you or your business are in serious financial distress, retaining an experienced bankruptcy attorney is an important first step in weighing available legal options and finding the best solution to regain control of your finances. Our firm does everything we possibly can to simplify the process of resolving debt issues.

The ruling allows the creditors and the Rangers to vote on the plan. Since the creditors have already said that they would vote against the current plan, the Rangers will have to come up with a new plan. Details on how that plan will be different is not available at the moment.

While Judge Lynn did clarify that the Rangers’ creditors were not entitled to additional monies, he did say that he was not happy with some of the creditors rights that would be taken away with the current plan. “The court concludes that … (the Rangers) must grant them their rights under their loan documents prospectively. While payment of the $75,000,000 plus interest will satisfy and discharge debtor’s monetary obligations as required by (a bankruptcy code), in order for the plan to be confirmed without the acceptance of the lenders … the treatment of the lenders must be modified,” Lynn wrote.

The Rangers released a statement that voiced pleasure with the quick and fair ruling of the court. It said that the Rangers are working quickly to submit a revised plan.

If you’re experiencing financial diffculties and would like to learn more about bankruptcy, contact Texas Bankruptcy Lawyer Areya Holder. The website of the Law Office of Areya Holder is located at http://www.holderlawpc.com/ and their phone number is 972-438-8800. Call today to schedule a consultation.

Another important thing to keep in mind is, after you pay off a debt, leave the account open, even if you have no intention of using it in the future. By closing the account you are decreasing your amount of available credit and in turn decreasing your credit score. If you already have closed accounts after repaying them , get in touch with the creditors and attempt to negotiate opening the accounts again. To be clear, this does not mean to get them give you a new account with he same creditor, as this is viewed much differently and will not help with the benefit to your length of credit history. Instead, try to enourage them to allow you to reopen the closed account with that account’s history intact.

By paying close attention to your credit report and guaranteeing that the important pieces of your credit are taken care of, you can keep your credit score at the top of the range, or even raise it considerably in just a few months. While consistently having a good payment history and ensuring you have your available credit at a maximum are imperative to keeping your score high, there are other credit related issues that affect your credit score as much or more. To find out more about credit score repair, Credit Score Professional and other items that relate to your FICO score, check out Home Loan Credit Score and learn what you need to know about maintaining good credit.

Here are three tips to help you stay updated:

First, being practical when you’re applying for credit will help you keep your credit history correct because you may know what should be expected when you review the information in it.  As an example, if you know you have a bad credit history, you won’t be confounded when you sign up for an enormous quantity of credit and aren’t approved.

The truth is, you are much more likely to be approved for a smaller quantity of credit initially.  Over time, if you handle your credit accounts well, banks will see that you can be responsible and consistent, which will give them encouragement to give you more credit later on.

2nd, paying your bills on time – from Mastercard accounts to utilities to the rent or mortgage – can help in keeping you aware of how your money activities are reflected in your credit monitoring.  Clearing your debts habitually means that your credit score may reflect your good habits, while paying your bills late will end up in your credit score highlighting your bad habits.

The bottom line is: you need your credit history to show off your good payment history.  That way, lenders will be more inclined to make loans to you since they can be guaranteed they’ll be receiving their payment, just like all your other creditors.

When you try hard to reduce and even pay off your debt, your efforts will impress banks who will feel that you are capable of re-paying the financing you borrow from them.  And it’s all because you’ve taken the time to use straightforward methods, such as credit monitoring, to help you manage your credit info.

Chapter 7 – Chapter 11 – Chapter 13 Bankruptcy Representation throughout Dallas County and Tarrant County

Bankruptcy is not right for everyone; however, if you are in financial straights or being harassed by creditors, or if you need a little breathing room to collect your thoughts and formulate a plan, then you owe it to yourself to understand your options.

Without knowledgeable advice and accurate information, you cannot make informed decisions about your finances and your future. You owe it to yourself and your family to obtain the facts before making important decisions that could have significant ramifications for your future. Discuss your situation in confidence with a lawyer who will have your best interest in mind and who can provide you with the facts and experienced advice you need to make these important decisions.

For additional information or to schedule a free, confidential consultation with experienced bankruptcy attorney Areya Holder, call (972) 438–8800, or fill out our intake form below and we will contact you.