The Allmand Law Firm, PLLC Difference

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 June, 2009

Blog Home
  • Homeowners with Good Credit Scores Facing Foreclosure

    Posted By admin || 29-Jun-2009

    According to an article in the Star-Telegram, Americans' with good credit scores are facing foreclosure as their finances take a beating. The article said: "Americans carry $2.56 trillion in consumer debt, up 22 percent just since 2000, according to the Federal Reserve. The average household's credit card debt is $8,565, up almost 15 percent from 2000. And a report out last month said borrowers ...
    Continue Reading
  • Michael Jackson--Could Bankruptcy Heal a Legacy of Debt?

    Posted By admin || 29-Jun-2009

    According to an article in the Chronicle, Michael Jackson died with over $400 million in debt, despite his superstar status, platinum albums and the millions of dollars he earned each year. According to the article he was only paying $4.5 million a year (as of 2006) to service his debt, but it wasn't nearly enough. The article said: "The New York Times reported in 2006 that the previous year ...
    Continue Reading
  • I'm Filing Bankruptcy... What About My Co-Signer?

    Posted By admin || 29-Jun-2009

    Are you considering bankruptcy, but are worried about what will happen to a co-signer? Well, there's good news and there's bad news. If a debtor files for Chapter 7 bankruptcy, the debt can be discharged, freeing the debtor from any further repayment obligation; but the co-signer on that debt may still be responsible for repaying it. For example, if a debtor purchased a $15,000 vehicle with a ...
    Continue Reading
  • Your Money and Corporate Bankruptcy

    Posted By admin || 29-Jun-2009

    As more businesses file bankruptcy, many consumers, who are also facing financially tough times, are finding themselves losing money on prepaid purchases, gift cards or even wondering about the validity of a warranty. Here are a few tips on how consumers can protect themselves when businesses file bankruptcy: Avoid pre-paying for products/services sold by companies nearing bankruptcy. Sometimes a ...
    Continue Reading
  • Income Contingent Repayment Plan for Student Loans Now Available

    Posted By admin || 29-Jun-2009

    According to an article in the Star-Telegram, the new income contingent repayment plan for federal student loans is now available. Under the new plan, borrowers can repay their student loans based on their income and the balance will be forgiven after 25 years. The article said: "The income-based repayment plan applies to the Federal Family Education Loan, and to Direct Loan borrowers on all ...
    Continue Reading
  • Are You A Renter Facing Eviction Because Of Foreclosure?

    Posted By admin || 26-Jun-2009

    We've heard a lot about how homeowners are affected by foreclosure; but much less about the renters who also fall victim to foreclosure. There are 95 million renters in America and every last one of them is vulnerable to eviction because of the current foreclosure crisis. Many renters are just as financially vulnerable when facing foreclosure as their homeowner neighbors, if not more vulnerable. ...
    Continue Reading
  • 100,000 Corporate Bankruptcies...And Counting

    Posted By admin || 26-Jun-2009

    According to an article in Business Week, the number of business bankruptcies have increased by 40% in May and there are no signs that the bankruptcy numbers will decline anytime soon. More than 100,000 American companies have filed bankruptcy since the recession began 18 months ago. That's one in every 270 American businesses in bankruptcy. The combination of sagging sales, contracting credit and ...
    Continue Reading
  • How Is Debt Settlement Different From Filing Bankruptcy?

    Posted By admin || 26-Jun-2009

    With many Americans struggling to repay debt, advertisements for debt settlement companies are on the rise. Many debt settlement companies claim that they can help debtors pay only a fraction of their debt and walk away debt-free. "Pay only pennies on the dollar!," they say. Many debtors are under the false impression that debt settlement is like bankruptcy. The truth is that debt settlement and ...
    Continue Reading
  • Corporate Bankruptcies, Economic Downturn Make Renters Cautious

    Posted By admin || 26-Jun-2009

    According to an article in the Dallas Morning News, many companies are opting for a shorter term lease due to the instability in the economy and the uncertainty about the future. The article said: "Companies aren't sure how much real estate they will need in a quarter or two, let alone years and years ahead. That was the case with digital marketing firm Razor-360, which recently rented offices in ...
    Continue Reading
  • Maker Of Huggies, Kleenex and Other Paper Products Announces Job losses

    Posted By admin || 26-Jun-2009

    According to an article in the Dallas Morning News, Kimberly-Clark Corp. the maker of Kleenex tissue, Scott paper products and Huggies diapers announced that it is implementing 1,600 job losses. That amounts to 3 percent of its 53,000 worldwide workforce. Six hundred of those job losses will affect U.S. employees who are taking "voluntary" severance offers at the end of this month. Kimberly-Clark ...
    Continue Reading
  • Protecting Youth From Credit Card Abuse

    Posted By admin || 26-Jun-2009

    In Sections 301 to 305 of the new credit card legislation are designed to control the credit card industry's very aggressive targeting of youth in college, specifically those less than 21 years old. The legislation specifically requires anyone younger than 21 to prove that they can repay the money before being given a credit card or have a parent or guardian promise to pay off their debt if they ...
    Continue Reading
  • Filing For Divorce? Don't Jeopardize You Bankruptcy With Manipulation

    Posted By admin || 26-Jun-2009

    In the bankruptcy case involving divorce and a Chapter 7 bankruptcy, a debtor allegedly used the threat to waive his bankruptcy exemptions as leverage in his divorce proceedings. The details of the case: The debtor filed Chapter 7 bankruptcy in March 28, 2005 and in July 2005 the bankruptcy court ordered the lifting of the automatic stay to allow the debtor's divorce proceedings to move forward. ...
    Continue Reading
  • Job Losses, Unpaid Work and Furloughs Sending More Americans to Bankruptcy

    Posted By admin || 25-Jun-2009

    We've got millions of Americans out of work and the bankruptcy filings just continue to rise. Even the most optimistic of Americans are finding themselves up against a financial wall, with only bankruptcy preventing total financial disaster. There's an interesting article at the NJ.com featuring the stories of several debtors who have filed bankruptcy, giving a truly grim but honest look at the ...
    Continue Reading
  • Financial Industry Rails Against Proposed Foreclosure Prevention Regulations

    Posted By admin || 25-Jun-2009

    According to an article in the Star-Telegram, the financial industry is gearing up to fight proposed regulations aimed to prevent a future foreclosure crisis and curb abuse of credit consumers. The article said: "Republicans and industry groups are railing against much of his proposal. They say there already are enough regulators policing the market and that holding those regulators more ...
    Continue Reading
  • Job Losses Rise Again as Unemployment Hits 9.4 Percent

    Posted By admin || 25-Jun-2009

    According to an article in the Star-Telegram, new jobless claims jumped last week by 15,000. Many workers facing job losses in the educational system were counted amongst the job loss casualties. The article said: "Economists had expected a drop to 600,000. Several states reported more claims than expected from teachers, cafeteria workers and other school employees, a Labor Department analyst ...
    Continue Reading
  • Non-Citizens Can File Bankruptcy

    Posted By admin || 25-Jun-2009

    If you are not a citizen of the United States, you CAN still file bankruptcy. You do not need to be an American citizen to enjoy the benefits of bankruptcy. But there are some stipulations for filing bankruptcy if you are not a citizen of this country: To file bankruptcy as a non-citizen you still need to establish residency in the state where you plan to file bankruptcy for "non-property" related ...
    Continue Reading
  • Are You in Financial Limbo Because of a Pending Foreclosure that Never Comes?

    Posted By admin || 24-Jun-2009

    If you're in financial limbo because of a pending foreclosure that never comes, you're not alone. According to an article in the Washington Post, about 1 million borrowers are waiting in the shadows of pending foreclosures that never happen. This is a dangerous situation because many homeowners facing foreclosure can't pay their mortgage yet the bank takes "forever" to foreclose on the house. The ...
    Continue Reading
  • Debt Relief USA, Inc. Files Bankruptcy

    Posted By admin || 24-Jun-2009

    According to an article in the Dallas Morning News, Debt Relief USA Inc., filed for Chapter 11 bankruptcy this week and has ceased all operations. That's bad new for debtors who were working with this company because they may not get all of their money back. The article said: "Debt Relief USA anticipates sending written instructions to its customers, most former customers, creditors and known ...
    Continue Reading
  • President Obama Creates "Council on Automotive Communities and Workers"

    Posted By admin || 24-Jun-2009

    According to an article at AFP, President Obama and the White House have created a "Council on Automotive Communities and Workers," which will recommend policies to help auto workers who have been hit by a tidal wave of automaker bankruptcies and job losses. The article said: "After decades of industry decline, workers have recently been buffeted by plant closures, slumping car sales and ...
    Continue Reading
  • Some Chrysler Dealerships Appealing Bankruptcy Decision

    Posted By admin || 24-Jun-2009

    According to an article in the Star-Telegram, two former Chrysler LLC dealership owners have filed an appeal of a bankruptcy judge's order terminating their franchises and those of more than 700 other dealerships as part of Chrysler's bankruptcy plan. The article said: "Tarbox Motors Inc. of North Kingstown, R.I., and Tarbox Chrysler Jeep LLC of Attleboro, Mass. filed a notice in bankruptcy court ...
    Continue Reading
  • Chapter 13 Bankruptcy an Effective Remedy to Discharge "Stubborn Debt"

    Posted By admin || 23-Jun-2009

    Many people considering bankruptcy who are often worried that they may not qualify for a Chapter 7 bankruptcy discharge don't realize that Chapter 13 bankruptcy actually discharges more "types" of debt than Chapter 7 bankruptcy. A matter of fact, Chapter 13 bankruptcy may be the best solution for certain types of debts that simply cannot be discharged in Chapter 7 bankruptcy. Debts that can be ...
    Continue Reading
  • Tread Cautiously with "Affordable Mortgages"

    Posted By admin || 23-Jun-2009

    As the foreclosure crisis continues many potential buyers searching for foreclosure deals are once again eyeing "affordable" mortgages. But it's important that future homeowners move cautiously because it is often these types of loans that are the most vulnerable to foreclosure. One of the pitfalls of "affordable" mortgages which often include low (or no) down payments, adjustable rate loans and ...
    Continue Reading
  • Texas Workforce Commission Overwhelmed by Surge in Unemployed

    Posted By admin || 23-Jun-2009

    According to an article in the Star-Telegram, unemployed residents are often faced with long waits and busy signals when calling the Texas Workforce Commission regarding their unemployment claims. The rise in job losses have put a strain the Texas Workforce Commission's resources and many unemployed Texans are waiting weeks to get questions answered. The article said: "Paid unemployment claims in ...
    Continue Reading
  • Reed Allmand - Fox Business News Interview

    Posted By admin || 23-Jun-2009

    Reed Allmand, Author of The Truth About Bankruptcy, participated in an 8-minute segment STRICTLY ON BANKRUPTCY on the Fox Business News Channel, "Money for Breakfast". Part1: Part2:
    Continue Reading
  • Considering Bankruptcy Too Soon?

    Posted By admin || 22-Jun-2009

    With the rise in personal bankruptcies, many "experts" are urging debtors to not consider bankruptcy too soon. Although I agree that declaring bankruptcy "too soon" may be a problem for a tiny minority of debtors, it is far from an epidemic for the majority. It is rare that debtors file bankruptcy after only one missed credit card payment or three days after losing their job. Most debtors ...
    Continue Reading
  • 104 results found. Viewing page 1 of 5. Go to page 1 2 3 4 5   Next