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Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

Blog Posts in December, 2008

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  • My Bankruptcy Case Was Dismissed, Now What Do I Do?

    Posted By admin || 30-Dec-2008

    Bankruptcy dismissal is scary, it can happen to the best of us; but it doesn't have to be the end of the world. If your bankruptcy case was dismissed, you need to first contact your bankruptcy attorney. Or, if you attempted to file bankruptcy without an attorney and your bankruptcy case was dismissed, you need to immediately find a bankruptcy attorney that will be willing to work with you and take ...
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  • Something Fishy About Your Student Loan?

    Posted By admin || 30-Dec-2008

    As we have discussed on this blog many times, student loans can be a financial thorn in the side of many debtors. There are nearly impossible to discharge and they eat away at debtor's assets for years after they've graduated from college. But there's something else fishy about student loans that many students need to be wary of...private student loans. Many students assume that when they take out ...
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  • Even Churches Are Facing Foreclosure

    Posted By admin || 30-Dec-2008

    There's an interesting article at the New York Times about how a record number of churches are facing foreclosure as the credit crisis seizes every sector of American life. During the real estate boom many churches took advantage of easy credit and expanded. Banks, eager to cash in lent money based on the hope that church membership would grow and as a result donations. But now with a financial ...
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  • Delaying An Inevitable Bankruptcy May Delay Debtor's Chance To Rebuild Financially

    Posted By admin || 30-Dec-2008

    Drowning in debt and struggling with looming foreclosure, many homeowners in slumping markets such as Dallas-Fort Worth are looking to bankruptcy to help them rebuild their financial lives. Many debtors facing foreclosure or other urgent debts delay bankruptcy because they fear the impact it will have on their credit score. Well the truth of the matter is that if you're behind on your bills your ...
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  • Married Debtors Filing Chapter 7 Bankruptcy And Means Test

    Posted By admin || 30-Dec-2008

    Here's another reason why many debtors filing for Chapter 7 bankruptcy without the help of a bankruptcy attorney find themselves in a heap of financial trouble. Most debtors who are married but filing alone don't understand that they will be required to use a means test form to determine their eligibility for Chapter 7 bankruptcy; but that particular form might unlawfully disqualify them from ...
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  • Bank Executives Get Biggest Bailout

    Posted By admin || 23-Dec-2008

    According to an article in the Dallas Morning News, nearly bankrupt banks who received the multi-billion dollar taxpayer funded bailout rewarded their top executives with nearly $1.6 billion in salaries, bonuses and other benefits in 2007. Personal use of company planes, private drivers, company funded financial planners and country club memberships were just a few of the perks offered by bankers ...
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  • Texas Gives Seniors A Break With Long-Term Health care Insurance Partnerships

    Posted By admin || 23-Dec-2008

    The Dallas Morning News reports that in 2009 Texas will allow senior citizens with long-term healthcare insurance to keep more of their personal savings if they need to use Medicaid. Texas insurance officials will offer "private partnership policies" that will offer asset matching protection for those who purchase long-term healthcare insurance. For every dollar an individual uses in coverage from ...
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  • Automakers Helped Make America Rich, Will They Now Bankrupt Us?

    Posted By admin || 23-Dec-2008

    The Associated Press reports that despite the $17.4 billion lifeline given to automakers last week, GM is still laying off 1,080 workers on Tuesday. So far, GM has sent 11,000 American workers to the unemployment line and that's just in 2008 alone. For decades automakers such as GM have employed tens of thousands of Americans and helped ordinary workers become homeowners, send their kids to ...
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  • Foreign Automakers Feel US Economic Pinch

    Posted By admin || 23-Dec-2008

    The Associated Press reports that Toyota's U.S. car sales fell to their lowest point in more than 26 years as Americans reign in their budgets and battle job losses and the difficulty of finding car loans. Also, many consumers in the Dallas-Fort Worth area are delaying big purchases such as buying a new car and avoiding the extra burden of a car loan. With massive job losses around the country, ...
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  • How Much Will I Need To Pay In Chapter 13 Bankruptcy?

    Posted By admin || 22-Dec-2008

    How Much You Will Pay In Chapter 13 Bankruptcy Often debtors filing for Chapter 13 bankruptcy want to know what their monthly repayment plan will cost. It's impossible for a bankruptcy attorney to give a debtor an exact dollar amount; but there are four factors that help determine how much money a Chapter 13 bankruptcy debtor will be required to pay. The first factor is what is called "Chapter 7 ...
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  • Above Median Income Debtors - Chapter 13 Repayment

    Posted By admin || 22-Dec-2008

    Many times debtors who are considered "above median income" by the bankruptcy courts worry about their ability to pay bankruptcy repayment plans and the length of time they will be required to remain in Chapter 13 bankruptcy. Because many "above median income" debtors lack disposable income or have experienced recent financial disruptions, their financial ability to pay on paper does not match the ...
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  • Federal Tax Lien Relief For Homeowners

    Posted By admin || 22-Dec-2008

    The Star Telegram reports that homeowners with federal tax liens against their real property—who are trying to sell or refinance their home—will receive much needed relief from the IRS. The IRS announced that it is offering an expedited process for removing or changing a tax lien on properties that are being sold or refinanced in an effort to help homeowners struggling in this ...
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  • Automakers May Face "Orderly" Bankruptcy

    Posted By admin || 22-Dec-2008

    Associated Press reports that the Bush administration is still exploring bailout options for U.S. automakers; but has suggested that U.S. automakers may have to face an "orderly" bankruptcy. Detroit's big three automakers have suffered the most sluggish sales in 26 years and are quickly running out of cash. The Bush administration says they want to avoid an automaker bankruptcy if possible but ...
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  • Airlines Experience More Job Losses

    Posted By admin || 22-Dec-2008

    A little more than 394,000 employees work for U.S. passenger airlines, that's the lowest amount in 15 years, according to the federal government. Airlines in the U.S. have experienced record job losses and plan to cut even more employees in an effort to stave off financial trouble. According the Bureau of Transportation Statistics, job losses are effecting all types of airlines, including major ...
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  • Serial Bankruptcy Filers Beware

    Posted By admin || 22-Dec-2008

    Filing Multiple Bankruptcies Changes in the bankruptcy law in 2005 made it a lot tougher for individual debtors to file multiple bankruptcies. For a Chapter 7 bankruptcy a debtor can only file once every 8 years; before 2005 it was every 6 years. But a debtor can file a Chapter 13 bankruptcy four years after filing a Chapter 7 bankruptcy. For example, if a debtor filed Chapter 7 in 2006, they ...
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  • Exemption Planning Is Allowed For Debtors Considering Bankruptcy

    Posted By admin || 22-Dec-2008

    When filing bankruptcy, debtors have the right to claim certain assets as exempt from seizure by creditors. Although bankruptcy law does not allow transfers of assets designed to "hinder, delay or defraud" creditors, it does allow debtors to plan for bankruptcy exemptions. For example, a debtor considering bankruptcy is allowed to plan for the homestead exemption and might be allowed to use ...
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  • When Does An Automatic Stay End?

    Posted By admin || 22-Dec-2008

    An automatic stay, which generally becomes effective once a bankruptcy is filed, stops all collection actions against the debtor. But the automatic stay will end once one of the following events occur: The Bankruptcy Case is Closed in a Chapter 13 Case For example, if a debtor withdraws a bankruptcy petition then the case would be closed and the automatic stay would be lifted and collection ...
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  • Historically Low Interest Rates Offer Homeowners Refinance Opportunity

    Posted By admin || 19-Dec-2008

    On Tuesday, interest rates dropped to their lowest point since the early 1960s. In an effort to shock the sluggish economy out of its slumber, the Federal Reserve cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent. Many homeowners, especially those facing imminent foreclosure are rushing to refinance with at these basement bargain interest rates.With the new rates, ...
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  • Filing Taxes May Help Your Bankruptcy Case

    Posted By admin || 19-Dec-2008

    Many debtors considering bankruptcy fail to file their taxes which can have huge financial implications as well as a negative impact on any future bankruptcy. Here's why...when a debtor files a tax return, even if they don't pay, the clock starts on two very important time periods that impact bankruptcy. The first important time period for taxes in bankruptcy is the three year period in which the ...
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  • Filing For Bankruptcy? Watch Your Debit Card Transactions!

    Posted By admin || 19-Dec-2008

    Bank Statements May Actually Jeopardize Your Bankruptcy When debtors file for bankruptcy many don't realize that the bankruptcy trustee may request a copy of the debtor's bank statements covering the previous 60 days before they filed for bankruptcy. This is where your bank statements may actually jeopardize your bankruptcy case. Before filing bankruptcy many debtors have been completely careless ...
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  • Automaker Bailout Approved!

    Posted By admin || 19-Dec-2008

    According to CNN, the federal government announced a $13.4 billion bailout for automakers General Motors and Chrysler. "Allowing the U.S. auto industry to collapse is not a responsible course of action," President Bush said. The automaker loans are designed to stabilize General Motors and Chrysler until March 2009. "If the firms have not attained viability by March 31, 2009, the loan will be ...
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  • Seniors And Disabled May Defer Payment Of Their Property Taxes

    Posted By admin || 18-Dec-2008

    According to the Texas Tax Code, homeowners over the age of 65, disabled persons, and the surviving spouse (55 years old or older) of a person previously entitled to a property tax deferment may be able to defer the payment of property taxes. Persons eligible for tax deferment may be entitled to defer payment of their property taxes as long as they own or live in the property. The unpaid property ...
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  • Can I Discharge College Tuition In Bankruptcy?

    Posted By admin || 18-Dec-2008

    Bankruptcy and Tuition Debt Anyone who has taken out student loans for college and experienced financially trying times knows that student loans cannot be discharged in bankruptcy unless they cause an "undue hardship" to the debtor, which means rarely. But what about unpaid tuition, can unpaid tuition be discharged in bankruptcy? Well under normal circumstances, yes tuition can be discharged in ...
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  • Can't Sell Your Home? How About House Swapping!

    Posted By admin || 18-Dec-2008

    The Dallas Morning News reports that many homeowners who are otherwise financially healthy are finding themselves in a nasty financial predicament that may lead to foreclosure. Their life circumstances have changed and they need to quickly sell their home and downgrade to something more affordable or move to another city for a job. But as we all know many homeowners are facing foreclosure because ...
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  • Don't Forget Your Chapter 13 Bankruptcy Tax Deductions

    Posted By admin || 18-Dec-2008

    Are Bankruptcy Payments Tax Deductible? If you're in a Chapter 13 bankruptcy repayment plan, don't forget to carefully examine your bankruptcy payments for tax deductions. Depending on what is being repaid by the trustee in your Chapter 13 bankruptcy, you may be entitled to deduct some payments from your current taxes. For the purpose of your taxes, payments made by your Bankruptcy trustee will be ...
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