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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 November, 2010

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  • Your Bankruptcy Consultation: What To Expect And How To Prepare

    Posted By admin || 30-Nov-2010

    Preparing for a Bankruptcy Consultation If you're considering bankruptcy then you've probably called a bankruptcy attorney to schedule an initial bankruptcy consultation. If you haven't done so, then we recommend that you call now. Many debtors feel very nervous about their consultation or they have no idea what to expect. Below are a few tips on what to expect at your bankruptcy consultation and ...
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  • Four More Benefits Of Bankruptcy You May Not Have Thought About

    Posted By admin || 30-Nov-2010

    We often talk about the direct effects of bankruptcy; but there are many indirect positive impacts that bankruptcy can have on a debtor's life. Let's explore a few: Because bankruptcy debtors are able to reduce or even completely eliminate the debt they owe creditors, their future income is freed up to be used on themselves and their children. For example, a debtor whose debts have been discharged ...
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  • How Does Pre-Bankruptcy Planning Save Me Cash?

    Posted By admin || 29-Nov-2010

    One of the most important things that a debtor needs to understand about bankruptcy is that it is a financial tool and like with any financial tool, it needs to be incorporated into their overall financial plan. That's where pre-bankruptcy planning comes in and either saves the debtor money or puts the debtor at risk for a dismissal of their case or even imprisonment. Here's what you need to know: ...
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  • 3 Signs That Chapter 11 Bankruptcy Could Be A Smart Strategy For You

    Posted By admin || 29-Nov-2010

    Most business owners are willing to do anything to make sure that their company is successful. From the self starting sole-proprietor to the CEO of a multinational corporation, maintaining the health of their business is of utmost importance. But what happens when things go wrong? What happens when the money is short but the bills keep company? Are you willing to do what it takes to restore the ...
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  • Three Things You Must Disclose When You File Bankruptcy

    Posted By admin || 29-Nov-2010

    What You Have to Disclose During Bankruptcy When filing bankruptcy, it's important that the debtor operate in good faith and be honest with both their bankruptcy attorney and they bankruptcy trustee. So along those lines, below are a few things that debtors are expected to honestly disclose when they file bankruptcy: Disclose any pre-bankruptcy asset transfers. Let's make it clear that if people ...
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  • Bankruptcy Planning: How To Maximize Your Exemptions

    Posted By admin || 28-Nov-2010

    Maximizing Your Bankruptcy Exemptions One of the benefits of working with an experienced bankruptcy attorney is that they have the knowledge necessary to help a debtor protect their assets in a way most laymen cannot. One of the skills that bankruptcy attorneys use is exemption planning. In bankruptcy there are a certain amount of assets which a debtor can protect from creditors, they are called ...
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  • Are Mortgage Servicer's Manipulating Homeowners Into Foreclosure?

    Posted By admin || 28-Nov-2010

    Mortgage servicers are not particularly motivated to modify mortgages. Why? The reason is simple enough; mortgage servicers can earn far more money on a foreclosure than a mortgage modification. And as with any business, profit is a strong motivator. This is how it works: Mortgage servicers manage the paperwork of a mortgage, send out the mortgage bill and collect mortgage payments from the ...
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  • 4 Deadly Bankruptcy Sins Debtors Must Avoid

    Posted By admin || 27-Nov-2010

    Bankruptcy law is complex and its long list of requirements and no-no's can trip up even the most conscientious of us. Below are four of the deadliest bankruptcy sins that every debtor should avoid: Hiding assets. Hiding assets in your bankruptcy case will not only cause your case to be dismissed, it could put you behind bars. What is considered hiding assets? Forgetting about the bank account you ...
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  • Could You Be Jeopardizing Your Homestead Exemption?

    Posted By admin || 27-Nov-2010

    This recession has pushed many homeowners to get creative about where they live, especially after losing their home to foreclosure. But in the bankruptcy case of Gregoria Villarreal and Estalla Villarreal, that creativity cost them their homestead exemption during their bankruptcy case: In 2005, Debtors' prior family home was foreclosed upon. They moved into their only other property, their place ...
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  • Three Things You Should Do 10 Years After Bankruptcy

    Posted By admin || 26-Nov-2010

    A bankruptcy filing remains on your credit report for ten years after you file. But there are a few things that every debtor should do once that ten year period is up after bankruptcy. Things You Should Do 10 Years After Bankruptcy Get a copy of your credit report from all three credit reporting agencies ten years after your bankruptcy filing. Of course, you should be checking your credit report ...
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  • How To Stop The Property Tax Sale Of Your Home With Bankruptcy

    Posted By admin || 26-Nov-2010

    Stopping a Property Tax Sale Through Bankruptcy If you're having financial challenges many debts fall by the wayside. But one of the most potentially destructive debt obligations (when you fail to pay them) is property taxes. Failing to pay your property taxes or ad valorem taxes as they are known in Texas could result in a lien being placed against your home and eventual loss of your home. But if ...
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  • Chapter 11 Bankruptcy Repayment Plan Must Meet Trustee Standards

    Posted By admin || 25-Nov-2010

    In the Chapter 11 bankruptcy case, In re Charles R. Livecchi, Sr., the pro se debtor was forced into a Chapter 7 bankruptcy after he failed to present a realistic and repayment plan. On April 8, 2009, Appellant filed a voluntary Chapter 11 bankruptcy petition. On January 21, 2010, the United States Trustee filed a motion to convert the case to Chapter 7bankruptcy. Generally, the United States ...
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  • Financial Assistance For Debtors Filing Bankruptcy

    Posted By admin || 25-Nov-2010

    When debtors choose to file bankruptcy they are often at the end of their financial rope. This could be that they have fallen behind on their utility payments, have no money in the bank or they have lost health insurance for their kids. Financial Aid to File Bankruptcy Below are a list of a few tools that can help bankruptcy debtors financially as they work to get back on their feet: When you're ...
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  • Personal Bankruptcy Filings Continue To Rise

    Posted By admin || 24-Nov-2010

    The Administrative Office of the U.S. Courts has released its 2010 Fiscal Year statistics revealing that the overall number of bankruptcy filings increased 13.8 percent in the period of October 1, 2009 to September 30, 2010. In FY 2010, filings rose for personal bankruptcy chapters: Chapter 7 filings in FY 2010 totaled 1,146,511, up 15.9 percent from the 989,227 Chapter 7 filings in FY 2009. ...
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  • How To Make A Mortgage Modification and Bankruptcy Work For You

    Posted By admin || 24-Nov-2010

    Are you facing foreclosure and a stubborn mortgage lender who won't come to the negotiating table? Filing bankruptcy just may be the type of motivation your mortgage lender needs. Many debtors filing bankruptcy are often successfully able to get their mortgages modified because lenders really don't want to take the property back if they don't have to. Below are few tips about getting the most out ...
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  • Will The Next Bank Failure Put Your Company In Bankruptcy?

    Posted By admin || 24-Nov-2010

    So far this year, 143 banks have collapsed - that's more than all of last year - and many experts expect that even more will go under. And while the average consumer isn't expected to be adversely affected by a bank failure, many businesses could find themselves placed in so much turmoil that they may need to file bankruptcy. Here's what you need to know: When a bank fails, usually another bank is ...
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  • Will Your Behavior During Bankruptcy Be Perceived As Manipulation?

    Posted By admin || 23-Nov-2010

    One of the things we like to remind debtors of is that they must avoid the perception that they are attempting to manipulate the bankruptcy system. Below are a few behaviors that every debtor should avoid if they don't want to be accused of manipulating the bankruptcy system and faced with a dismissal of their case: Quitting a job right before filing bankruptcy, leaving you with little or no ...
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  • Economy Not This Bad Since The Great Depression

    Posted By admin || 23-Nov-2010

    It's a bit infuriating when you have a 73-year-old Texas-based furniture chain, Lack's Stores Inc. closing all of its stores and filing bankruptcy while some of our so-called economists have the nerve to claim that the recession is over. In a news release, the 73-year-old company said the action was necessary because lenders are no longer willing to provide Lack's funding to finance customers' ...
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  • Foreclosure "Wolves" Scam Desperate Homeowners

    Posted By admin || 23-Nov-2010

    There is a sad tale developing in America's foreclosure crisis, desperate homeowners who owe small amounts of cash for taxes or who are only slightly delinquent on their mortgage are being mauled by foreclosure "wolves." These foreclosure wolves are seeking out desperate homeowners facing foreclosure and saddling them with "commercial" loans so that they can get around state regulations and ...
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  • How Can My Business Survive Personal Bankruptcy?

    Posted By admin || 22-Nov-2010

    Can I File Personal Bankruptcy and Keep My Business? If you're filing a personal bankruptcy, Chapter 7 or Chapter 13, and you own a business, your business can survive. Here's what you need to know: Depending on the type of business you have, (sole proprietorship, LLC, corporation etc.) your business creditors might be separate from your personal creditors. This is usually the case when you have ...
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  • Should You File An Emergency Bankruptcy?

    Posted By admin || 22-Nov-2010

    When You Should File an Emergency Bankruptcy Timing is everything when it comes to protecting your assets from creditors. That's why it is important that debtors not wait until it is too late to file bankruptcy. But unfortunately, because of the pressure many debtors feel to pay debts which are clearly destroying them financially, many wait until they are literally up against the wall before they ...
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  • Bankruptcy DOES NOT Prevent You From Getting Certain Jobs

    Posted By admin || 22-Nov-2010

    Does Bankruptcy Restrict Your From Certain Professions? There are a lot of myths about bankruptcy; but one is particularly damaging for debtors who are unemployed and NEED to file bankruptcy now to save their assets while they are looking for a job. There is a nasty rumor going around that bankruptcy filers are restricted from certain professions and that they can't join the military or get ...
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  • Are You Sitting On A Second Mortgage Time Bomb?

    Posted By admin || 21-Nov-2010

    If you're a homeowner who is struggling with an underwater mortgage, facing foreclosure and have a second mortgage that won't be covered even if the home was sold, you may want to consider bankruptcy. Many homeowners are finding that when they are trying to resolve second mortgage issues outside of bankruptcy, they are facing a second mortgage time bomb. Below are a few signs that you may be ...
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  • Legal Woes And Bitter Divorce Sends Another Housewife To Bankruptcy

    Posted By admin || 21-Nov-2010

    Sonja Morgan, one of the stars of the "Real Housewives of New York City," filed for Chapter 11 bankruptcy protection, citing legal woes and a bitter divorce as the cause of her financial troubles. Morgan blamed her financial troubles on a failed movie project, which would have starred John Travolta, with Hannibal Pictures Inc. According to the court papers, the film "Fast Flash to Bang Time" ...
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  • Will Congressional Hearings On Foreclosures Produce More Empty Promises?

    Posted By admin || 21-Nov-2010

    More Congressional Hearings On Foreclosures If there is one thing that the congressional hearings on robo-signing and foreclosures has revealed is that many of our leaders have a lot of energy and flare for talking. For the past two years, we have been nearly talked to death about how the leaders in this country with the "cooperation" of the bailed out banks (let's not forget that) plan on ...
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