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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 October, 2010

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  • Is Your College Aged Child's Credit Card Habits Jeopardizing Their Job Prospects?

    Posted By admin || 31-Oct-2010

    Recent surveys have shown that 60 percent of employers are using credit scores as a means of weeding out new hires. With the job market still slow many employers are receiving more resumes than they have positions to fill. This has created an environment where companies can become even more picky about who they hire. If you want to help your college aged child have a good start in the working ...
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  • What The Self-Employed Need To Know About Bankruptcy

    Posted By admin || 31-Oct-2010

    Things Self-Employed People Need to Know About Bankruptcy Many self-employed individuals who run into financial difficulty are under the false assumption that they don't qualify for bankruptcy. But the truth is that bankruptcy is for all people, self-employed, wage-earners, unemployed and business men and women. But just like with other things, filing for bankruptcy as a self-employed person is ...
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  • 4 More Signs That You May Need To File Bankruptcy

    Posted By admin || 31-Oct-2010

    When you're overwhelmed by debts, bills and other financial troubles, it may be difficult to see the overall picture of your financial condition. Coming up with a plan for overcoming your financial difficulties can be challenging and deciding whether or not you should file bankruptcy can be a very hard choice. To help you get some perspective, below are four signs that you may need to file ...
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  • Smart Bankruptcy Planning: Never Rob Your Future To Pay Debt

    Posted By admin || 30-Oct-2010

    Are You Robbing Your Future To Pay Debt? Most of the mistakes that debtors make in their bankruptcy are made well before they ever consider bankruptcy as an option. This is what happens - a debtor falls on hard times, they get scared, they get mad and they vow to pay back every last dime they owe anyone, no matter what it takes. The debtor then begins to work a second job which they eventually ...
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  • Are You A Texas Homeowner With A "Pick-A-Pay" Loan?

    Posted By admin || 30-Oct-2010

    Texas Attorney General Greg Abbott along with seven other states (Arizona, Colorado, Florida, Illinois, Nevada, New Jersey and Washington) have entered into an agreement with Wells Fargo which will provide $5 million in relief to more than 200 Texas homeowners who had pick-a-pay (POA) adjustable rate mortgage loans which originated with Wachovia Corp and Golden West Corp but were eventually ...
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  • Seven Benefits Of Chapter 13 Bankruptcy

    Posted By admin || 30-Oct-2010

    When it comes to choosing a bankruptcy chapter, many debtors prefer Chapter 7 bankruptcy because it allows them to discharge most or even all of their unsecured debts, while Chapter 13 bankruptcy requires that they repay part or all of them debts over the course of 3 to 5 years.. But there are some valuable benefits of Chapter 13 bankruptcy that debtors should not overlook: When a debtor files ...
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  • Will I Need To Liquidate My Business If I File Bankruptcy?

    Posted By admin || 29-Oct-2010

    Whether or not your business needs to be liquidated in bankruptcy depends on a few factors. Let's take a look at the variables: The type of bankruptcy you file will help determine whether or not your company needs to be liquidated. If you file a Chapter 7 bankruptcy for your business, your company will be liquidated and the income from the sale of assets will be distributed to creditors. Remember, ...
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  • Are Owners Of An LLC Liable For Credit Card Debt In A Business Bankruptcy?

    Posted By admin || 29-Oct-2010

    Are You Liable for Credit Card Debt In A Business Bankruptcy? When a Limited Liability Company (LLC) files Chapter 7 bankruptcy generally speaking the owners of the company are not held personally liable for debts held by the company. An LLC, like a corporation is considered a separate business entity from the owners. But there are some scenarios where owners of an LLC could be held personally ...
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  • Is Your Mortgage Company Acting In Bad Faith?

    Posted By admin || 29-Oct-2010

    As the foreclosure crisis presses on, there have been many lawsuits related to mortgage companies acting in bad faith when homeowners attempt to get mortgage modifications under the HAMP program. The vast majority of those lawsuits revolve around the idea that mortgage companies are deliberately deceiving, misleading and manipulating homeowners facing foreclosure for their own financial benefit. ...
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  • Things You Must Do When Surrendering Your Home

    Posted By admin || 28-Oct-2010

    Many debtors choose to surrender their home before or during bankruptcy so they can get a complete financial start without all the mortgage debt associated with their home. But what are some of the things a debtor must do before they surrender their home? Below are a few tips: If you are surrendering your home to the lender outside of bankruptcy, you need to make sure that you will not be pursued ...
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  • Should I Keep My Car After Bankruptcy?

    Posted By admin || 28-Oct-2010

    If you're filing for bankruptcy, it's because you are unable to pay your debts and this may include debt associated with a vehicle. Many debtors are reluctant to give up their vehicle during bankruptcy because they don't have any other way to get to and from work. But the catch 22 is that their vehicle is often too expensive or has debt associated with it that is worth more than the value of their ...
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  • I Filed Bankruptcy A Few Years Ago Now I'm Drowning In Medical Debt...Help!

    Posted By admin || 28-Oct-2010

    Falling back into debt after bankruptcy is horrible but it is not the end of the world. Post-bankruptcy debtors fall back into debt for many reasons; but one of the most common reasons is because they have medical bills they simply cannot afford to pay. Below are a few tips on what a post-bankruptcy debtor can do if they have accumulated medical debt only a few short years after bankruptcy: Find ...
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  • Why We Should Limit The Use Of Credit Checks By Employers

    Posted By admin || 27-Oct-2010

    Limit The Usage Of Credit Checks By Employers Over 60 percent of employers are using credit checks to screen job candidates. But how effective are they? While some employers say that a job candidate with bad credit may be at higher risk for employee fraud and theft, the truth is that there are no definitive studies that prove this to be true, especially in this economy. A matter of fact, using ...
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  • Do Not Ignore Your 2nd Mortgage During Or After Bankruptcy

    Posted By admin || 27-Oct-2010

    Many debtors filing bankruptcy have several mortgages attached to their home. In most cases they have both a 1st mortgage and a 2nd mortgage attached to their principal residence. We've talked before about how debtors are sometimes able to have their 2nd or even 3rd mortgage discharged as unsecured debt if the mortgages are worth more than the value of the home. But sometimes the 2nd and 3rd ...
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  • Three Dangers Of Online Payday Loans

    Posted By admin || 27-Oct-2010

    We've heard a lot about the dangers of traditional payday loans and many states have clamped down on lending practices that exploit the poor and vulnerable. But as the state and federal governments have clamped down on payday lending a new crop of payday lenders have sprung up online. Many of these online payday lenders evade federal and state laws leaving borrowers with little or no protection. ...
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  • Newly Disabled Workers Consider Bankruptcy

    Posted By admin || 26-Oct-2010

    Being injured at work can be both emotionally and financial devastating; but what happens when your injury prevents you from ever working again? One of the first things disabled workers do when they discover they can no longer work is apply for disability insurance through the state. But a growing number of disabled workers are also making a trip to their bankruptcy attorney, here's why: Most ...
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  • Mortgage Companies Accused of Fraudulent Foreclosures Face Lawsuits and Congress

    Posted By admin || 26-Oct-2010

    JPMorgan Chase & Co., Bank of America Corp. and Ally Financial Inc. are defending allegations of fraudulent home foreclosures from customers, several attorney generals and Congress. Authorities in at least seven states are probing whether lenders used false documents and signatures to justify hundreds of thousands of foreclosures, and the number of these inquiries will grow, according to state ...
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  • 3 Steps To Protecting Your Retirement In Bankruptcy

    Posted By admin || 26-Oct-2010

    Protecting Your Retirement In Bankruptcy The recession has delayed the retirement of many Americans over 55; but it's often their attempts to stave off bill collectors that can actually damage their retirement savings during bankruptcy. Below are three steps every debtor should take in order to save their retirement during bankruptcy: Save for retirement even when the bills are due. Saving for ...
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  • Considering Debt Settlement? Three Industry Secrets They Don't Want You To Know About

    Posted By admin || 25-Oct-2010

    Debt settlement companies claim that they offer a viable alternative to bankruptcy. But what they don't tell their customers is that debt settlement fails more often than it succeeds. Below are three secrets about debt settlement that the debt settlement industry does not want you to know about: The fees are steep and they often reduce the amount of money that will go to pay off your debt. Debt ...
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  • Former Auto Mogul Denny Hecker Sent To Jail

    Posted By admin || 25-Oct-2010

    In what is being described as an effort to give Denny Hecker a "wake-up call" a federal judge had Denny Hecker arrested and jailed for an undetermined amount of time. The jailing came after Hecker, who has been using a government appointed attorney for his bankruptcy and other legal issues, said that he was going to hire his own attorney with money from an undisclosed friend. But this sudden claim ...
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  • Tribune Co. Files New Bankruptcy Plan

    Posted By admin || 25-Oct-2010

    Tribune Co. filed another reorganization plan backed by its leading creditors, in the hopes that it will soon exit the Chapter 11 bankruptcy which has gone on for two years now. The plan incorporates the terms from two previously announced settlement pacts by the company's unsecured creditors and leading lenders. It would hand ownership of the company to holders of its senior loans, led by J.P. ...
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  • Thousands Of Homeowners Fighting To Avoid Foreclosure Camp Out In Tents Seeking Help

    Posted By admin || 24-Oct-2010

    Thousands of people showed up in the wee hours of the morning to get help from a homeowner advocacy group dedicated to helping homeowners avoid foreclosure. The program, called "Save The Dream" is set up almost like a job fair; but instead of jobs, it is home mortgage modifications that homeowners are looking to win. Shirley McCoy became the 1,117th person in line when she arrived at 6:10 a.m. ...
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  • How Bankruptcy Can Help You Regain Lost Wealth

    Posted By admin || 24-Oct-2010

    The recession has battered America's wealth. According to Federal Reserve, America's collective wealth is now $53.5 trillion compared to our pre-recession wealth of $65.8 trillion. What does that loss of wealth look like for you? Devalued homes, assets lost to creditors, retirement accounts obliterated by Wall Street greed and failures? Bankruptcy, mostly known for its ability to discharge debts, ...
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  • 3 Reasons Why You Should Consider Bankruptcy Before You Divorce

    Posted By admin || 24-Oct-2010

    The divorce rate in America is hovering around 50 percent, so if you're married, you've got a 50/50 chance that it will end in divorce. Unfortunately, the divorce is usually just the beginning of a divorced individual's troubles. After divorce a whole slew of money troubles can develop that put you deep into a financial hole, especially if you are already struggling before you get a divorce. ...
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  • Your Chapter 13 Bankruptcy Checklist

    Posted By admin || 23-Oct-2010

    Filing for Chapter 13 Bankruptcy? Below is a checklist of things that are required to file Chapter 13 bankruptcy: The names and addresses of all creditors that the debtor owes. The names and addresses of creditors must be filed with the bankruptcy petition. The debtor must include copies of all pay stubs or other proof of payment documents that they have received from any employer in the 60 days ...
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