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 May, 2010

Blog Home
  • Bankruptcy Court Rules That Debtors Did Not Abandon Their Home

    Posted By admin || 31-May-2010

    In the Chapter 13 bankruptcy case of Curry, James K. and Diana M.; In re, a bankruptcy court overruled a bankruptcy trustee who tried to revoke the debtors' homestead exemption by claiming they had abandoned their home. The details of the bankruptcy case: The Chapter 13 debtors owned a home in Pleasanton, Kan., but lived in Topeka "while school is in session." Pleasanton is about 120 miles from ...
    Continue Reading
  • Court Rules Tax Refund Partial Belongs To Bankruptcy Estate

    Posted By admin || 31-May-2010

    In the Chapter 7 bankruptcy case of Krahn, Joseph A. and Kerri K.; In re, the bankruptcy court sustained a bankruptcy trustee's ruling that the debtors turnover $3,952 from their federal income tax refund. The details of the bankruptcy case: The debtors filed for Chapter 7 relief on Aug. 29, 2008. Their 2008 federal tax return showed no tax liability, but $6,916 in refundable credits including ...
    Continue Reading
  • Bankruptcy Judge May Approve Six Flags Settlement

    Posted By admin || 31-May-2010

    Six Flags Inc. has finally resolved a many weeks long dispute between two groups of creditors and expects to exit Chapter 11 bankruptcy as early as the first week of May. Bankruptcy Judge Christopher Sontchi has indicated that he will accept the settlement offer and approve the company's bankruptcy reorganization plan rather quickly. Under the settlement, senior noteholders owed about $420 million ...
    Continue Reading
  • Your Kids College Funds And Bankruptcy

    Posted By admin || 30-May-2010

    Are 529 Accounts Protected From Creditors? Understandably, debtors considering bankruptcy want to make sure they protect their assets especially those that are earmarked to go to their children. But one of the common misconceptions of debtors considering bankruptcy is that they can simply transfer some money into their kid's bank account or a 529 plan and that will protect that cash from creditors ...
    Continue Reading
  • Four Reasons For A Chapter 13 Bankruptcy Payment Increase

    Posted By admin || 30-May-2010

    When a debtor files Chapter 13 bankruptcy, they are required to commit to a repayment plan that distributes their "excess" income to creditors. While for the most part Chapter 13 bankruptcy repayment plans remain the same, there are several reasons why a repayment plan could increase. Reasons For A Chapter 13 Bankruptcy Payment Increase An Increase in Your Salary Chapter 13 bankruptcy plans take ...
    Continue Reading
  • Three Reasons Why Private Student Loans Should Be Dischargeable In Bankruptcy

    Posted By admin || 30-May-2010

    The "Private Student Loan Bankruptcy Fairness Act of 2010" was introduced in the House on April 15 th and if passed into law, it could make it easier for debtors who have private student loan debt to discharge that debt in bankruptcy. Currently, it is nearly impossible for debtors to discharge their student loans in bankruptcy; but under the new law, private student loans (not federal student ...
    Continue Reading
  • Why Filing Bankruptcy Without An Attorney Could Be Costly

    Posted By admin || 29-May-2010

    Both Chapter 7 bankruptcy and Chapter 13 bankruptcy are complex legal systems that require in-depth knowledge of the law. Oftentimes, individuals attempting to file bankruptcy without the help of a bankruptcy attorney make mistakes that can cause them to have their case dismissed or even land them in prison (in the case of bankruptcy fraud). When a debtor files bankruptcy without the help of an ...
    Continue Reading
  • Bankruptcy Offers Limited Automatic Stay Protection For Co-Signers

    Posted By admin || 29-May-2010

    Do you have debt that has been co-signed by a relative or friend? Well if you file for bankruptcy, there is some limited protection for that co-signer through the automatic stay; but it is only temporary. Debtors who file for Chapter 7 bankruptcy or Chapter 13 bankruptcy enjoy the full protection of the automatic stay during bankruptcy and cannot be pursued by creditors for the repayment of a debt ...
    Continue Reading
  • Sudden Unemployment And Chapter 13 Bankruptcy

    Posted By admin || 28-May-2010

    When a debtor files for Chapter 13 bankruptcy, one of their biggest fears is that they won't be able to maintain the repayment plan due to a job loss or significant reduction in income. Because the Chapter 13 bankruptcy repayment period lasts from 3 to 5 years, the fear of a job loss during that time is not unreasonable; however, Chapter 13 bankruptcy has built in mechanisms that protect the ...
    Continue Reading
  • Sallie Mae Blames New Student Loan Law For Job Losses

    Posted By admin || 28-May-2010

    Sallie Mae announced that a new law cutting out private lenders in the federal student business and stricter underwriting rules for private student loans will cost the company 2500 jobs. The law strips the middleman role in student lending away from banks. It's expected to save at least $60 billion in fees that went to banks to process government-backed student loans. Sallie Mae, which wrote a ...
    Continue Reading
  • Why Debt Settlement Is Bad News For Unemployed Debtors

    Posted By admin || 28-May-2010

    Debt Settlement For Unemployed? Not a Good Idea Millions of Americans who have large debt loads are unemployed; but unfortunately for them the bills are still coming. If you've been watching TV, listening to the radio or just browsing the internet, you will see advertisements for debt settlement companies that promise to solve debt problems by settling debt for "pennies on the dollar." However, ...
    Continue Reading
  • Bankruptcy Facts: What You Need To Know About Credit Counseling

    Posted By admin || 28-May-2010

    Any debtor wishing to file bankruptcy is required to take a credit counseling and budget course before they file. If they do not take the credit counseling and budget course they will not be allowed to file bankruptcy. The credit counseling and budget course is available in English and a number of other languages depending on the agency providing the course. It is advised that you take the credit ...
    Continue Reading
  • How To Prevent Loved Ones From Ruining Your Credit

    Posted By admin || 27-May-2010

    One common credit problem that is rarely talked about is when a family member or other loved one ruins your credit by either stealing your identity to breaking their promise to repay debt that you co-signed for or gave them access to. So how can you protect yourself from credit wrecking family and friends? Don't co-sign credit cards or other types of debt. We know it is difficult to say no to a ...
    Continue Reading
  • House And Senate Consider Bankruptcy Relief For Private Student Loan Borrowers

    Posted By admin || 27-May-2010

    The House and Senate are reviewing legislation that could allow bankruptcy courts to treat private student loans like other unsecured debt such as credit cards, which could mean that borrowers would have the ability to discharge private student loans in bankruptcy. Currently, both private and government backed student loans are treated like other hard to discharge debts such as taxes and domestic ...
    Continue Reading
  • Could The Commercial Real Estate Foreclosure Crisis Reach 1980's Levels?

    Posted By admin || 27-May-2010

    North Texas commercial foreclosure filings have increased by more than 60 percent so far this year. Since January nearly 1400 commercial property foreclosure filings have been posted in the Dallas-Fort Worth area alone-compare that to last year's 900 commercial real estate foreclosure filings in the same period. When the commercial real estate foreclosure crisis first hit, it initially impacted ...
    Continue Reading
  • Foreclosures Impact Dallas County Home Values

    Posted By admin || 26-May-2010

    Eighty percent of the approximately 360,000 residential properties reappraised this year will show decreases or no change in value, according to the Dallas Central Appraisal District. This is the second year in a row that the majority of homes in Dallas County have either decreased in value or remained stagnate. Last year 55 percent of the residential properties reappraised decreased in value, ...
    Continue Reading
  • Bankruptcy Judge Grants WaMu Shareholders The Right To Force Annual Meeting

    Posted By admin || 26-May-2010

    Bankruptcy Judge Mary F. Walrath ruled that Washington Mutual shareholders are not automatically barred by bankruptcy law from suing to try to force the company to hold the meeting. The shareholders want to hold an annual meeting so they can replace the board of directors of Washington Mutual which filed bankruptcy in 2008 after being seized by regulators and sold to JPMorgan for $1.9 billion. ...
    Continue Reading
  • Former Detroit Pistons Star Rick Mahorn Haunted By Taxes, Bad Investments and Foreclosure

    Posted By admin || 26-May-2010

    Former Detroit Pistons star Rick Mahorn and his wife filed for Chapter 7 bankruptcy back in December 2009 citing failed investments, foreclosure and IRS debts totaling over $200,000. Mahorn is remembered as a member of the Detroit Pistons' 1989 championship team and most recently as a coach for Shock and a color commentator for the Pistons radio broadcasts. The former basketball star and his wife ...
    Continue Reading
  • Fuddruckers' Parent Company Files Chapter 11 Bankruptcy

    Posted By admin || 26-May-2010

    Magic Brands LLC, the parent of Fuddruckers and Koo Koo restaurants has filed Chapter 11 bankruptcy and announced it will close 24 corporate owned locations by April 30 th including one of its Dallas-Fort Worth area stores located in Garland. None of the 135 franchised Fuddruckers has been included in the Chapter 11 bankruptcy. Magic Brands filed Chapter 11 bankruptcy with assets of $1 million to ...
    Continue Reading
  • Homeowner Association Foreclosures Becoming More Common In Texas

    Posted By admin || 25-May-2010

    The number of foreclosures filed by homeowner associations (HOAs) and home equity lenders has risen dramatically this year. Already 350 Dallas-Fort Worth area homes are facing foreclosure sale in May because the owners owe money to homeowners associations or home equity lenders. "Especially from the homeowners associations, we have seen significant increases in postings," said Roddy, whose firm ...
    Continue Reading
  • Why Mortgage Servicers Have Little Incentive To Modify Toxic Mortgages

    Posted By admin || 25-May-2010

    This month the Treasury Department will begin paying mortgage servicers $1,500 for approving the sale of homes for less than the balance of the mortgage, also known as a short sale. Also, if the mortgage servicer modifies a mortgage under the HAMP program, they will receive $1,000, plus additional money over the course of three years if they homeowner doesn't fall into foreclosure during that time ...
    Continue Reading
  • Agent 007 On Hold As MGM Teeters On The Edge Of Bankruptcy

    Posted By admin || 25-May-2010

    MGM Studios, a movie studio which has been teetering on the edge of bankruptcy for months, just announced that the development of the movie BOND 23 will be put on hold indefinitely. "Due to the continuing uncertainty surrounding the future of MGM and the failure to close a sale of the studio, we have suspended development on BOND 23 indefinitely," producers Michael Wilson and Barbara Broccoli said ...
    Continue Reading
  • Should Derivatives Receive Special Treatment In Chapter 11 Bankruptcy?

    Posted By admin || 24-May-2010

    Derivatives in the world of finance are financial instruments or agreements between two parties that has determined the value of something by its estimated future value. More simply put, it is the bet that a certain asset will be worth a certain price in the future. For example, a derivative might say if this group of houses is worth $1 billion, then Party A will pay Party B a certain amount of ...
    Continue Reading
  • Employer Job losses And Bankruptcy Fuel High Office Space Vacancy

    Posted By admin || 24-May-2010

    As many companies contract due to job losses and bankruptcy, many office space landlords are facing a high vacancy rate that is decimating their profits and forcing them to make huge concessions in order to win tenants. "The strength of the Dallas-Fort Worth economy will return in 2010, though office operations will remain relatively weak through the end of the year," said Marcus & Millichap. ...
    Continue Reading
  • Violation of Automatic Stay Creates Interesting Twist In Bankruptcy Case

    Posted By admin || 24-May-2010

    In the Chapter 7 bankruptcy case of McCarthy, Kevin F.; In re (Colorado East Bank & Trust v. McCarthy) , the bankruptcy court ruled that the plaintiff's claim was not dischargeable in bankruptcy, but that the plaintiff violated the automatic stay by attempting to collect the debt during the bankruptcy process. The details of the bankruptcy case: The Chapter 7 debtor was a 63-year-old ...
    Continue Reading
  • 102 results found. Viewing page 1 of 5. Go to page 1 2 3 4 5   Next