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 December, 2011

Blog Home
  • After HAMP Failure Bankruptcy Provides Relief

    Posted By admin || 30-Dec-2011

    HAMP is usually the first stop for homeowners trying to save their home. They fill out a ton of paperwork and then wait - and wait -- for a response from the lender. The lucky ones are told right off that they don't qualify for a mortgage modification under HAMP; but other unfortunate homeowners go through the largely disappointing process of temporary (trial) mortgage modifications only to face ...
    Continue Reading
  • Co-Debtor Bankruptcy Protection From IRS

    Posted By admin || 30-Dec-2011

    When a debtor files Chapter 13 bankruptcy the automatic stay protection is extended to cover co-debtors of consumer debts. Consumer debts include those "incurred by an individual primarily for a personal, family, or household purpose" such as credit card debts, car loans, mortgages, payday loans etc. However, the bankruptcy code does not define tax debt as a consumer debt. This means that if there ...
    Continue Reading
  • Understanding Wage Assignments In Bankruptcy

    Posted By admin || 29-Dec-2011

    Wage Assignments and Bankruptcy Increasing collections costs is prompting some creditors to turn to voluntary wage assignments. A wage assignment is basically an agreement that allows the creditor to deduct from a debtor's wages any amount owed to them. This is most often used by payday loan lenders. Borrowers sign a bunch of paperwork, which includes a wage assignment signing over access to their ...
    Continue Reading
  • Can I Avoid Foreclosure Without Filing Bankruptcy?

    Posted By admin || 29-Dec-2011

    Trying to Stop Foreclosure Without Filing Bankruptcy? While some homeowners understand that bankruptcy is the best option to avoid foreclosure and discharge other debts, other homeowners are not sure if it's their best option. While there are some ways that a homeowner can avoid foreclosure without filing bankruptcy, they should carefully consider their whole financial situation before forgoing ...
    Continue Reading
  • Surprising Things to Consider When Filing for Bankruptcy

    Posted By admin || 28-Dec-2011

    When it comes to things to consider when filing for bankruptcy, you might think you have all your ducks lined up, so to speak. You've contacted a great bankruptcy attorney. You have all of your paperwork in order. You've even researched the topic of bankruptcy, so you know exactly what to expect from the moment you file that paperwork. However, there are a few surprises that even the simplest of ...
    Continue Reading
  • Avoiding Unpleasant Mortgage Surprises In Chapter 13 Bankruptcy

    Posted By admin || 23-Dec-2011

    For debtors with regular income, saving a home with Chapter 13 bankruptcy proves effective most of the time. However, there are some problems debtors may face at the end of their Chapter 13 bankruptcy. Below are a few suggestions on how to deal with the issues as they arrive: Mortgage Late Fees Technically, mortgage servicers are allowed to accrue late fees on a loan while a debtor is in Chapter ...
    Continue Reading
  • Why You Should File Bankruptcy Before A Creditor Lawsuit

    Posted By admin || 23-Dec-2011

    Filing Bankruptcy Before a Creditor Lawsuit With the rise in delinquencies, many creditors are turning to the courts to help them collect on debt. This means that more debtors are facing creditor lawsuits which can be both costly and time consuming. So should a debtor wait until after the lawsuit is filed and a legal battle ensues to file bankruptcy? Or, should they file bankruptcy as soon as ...
    Continue Reading
  • Should You Borrow During Chapter 13 Bankruptcy?

    Posted By admin || 22-Dec-2011

    Borrowing Money During Chapter 13 Bankruptcy In the three to five year period of a debtor's Chapter 13 bankruptcy case, they may feel the need to borrow money. But a Chapter 13 bankruptcy debtor cannot borrow unless they have the bankruptcy trustee's permission. The first question a debtor needs to ask themselves is if it is prudent to borrow money during bankruptcy. Let's take a closer look: ...
    Continue Reading
  • The Trustee Review Process In Chapter 7 Bankruptcy

    Posted By admin || 22-Dec-2011

    Trustee Review Process In Chapter 7 Bankruptcy Chapter 7 bankruptcy cases are overseen by a trustee who is responsible for examining and liquidating assets to pay creditors. It's important for the bankruptcy debtor to understand exactly how this process works so that they can do thing that will make the process go smoother. Let's take a closer look at the bankruptcy trustee review process: ...
    Continue Reading
  • Bankruptcy Mistakes That Bite Back

    Posted By admin || 21-Dec-2011

    You may think you're ready to file for bankruptcy - but unless you have the aid of a bankruptcy lawyer by your side, you could end up making a crucial mistake that will ruin your finances for years. Pointing out that bankruptcy is complicated is definitely an understatement. Between the paperwork, the complexity of the process and the sheer length of time it takes to discharge your debts (it can ...
    Continue Reading
  • Sole Proprietors vs. Corporations In Bankruptcy

    Posted By admin || 21-Dec-2011

    Sole Proprietors and Corporations In Bankruptcy There are some important differences in the way bankruptcy courts treat sole proprietors versus corporations. Let's take a look at a few: Individual vs. Corporate Entity The bankruptcy trustee will view a sole proprietor's business assets the same as their personal assets for the purpose of repaying creditors. This means that business assets might ...
    Continue Reading
  • Exceptions to an Automatic Stay

    Posted By admin || 20-Dec-2011

    An automatic stay goes into effect the instant you file your bankruptcy petition. This may seem like a huge relief, finally those harassing phone calls will stop and you don't have to worry about your possessions being repossessed or foreclosure, at least for a while. But there are some debts that aren't subject to the automatic stay, so it's best to know what these are before you're shocked by ...
    Continue Reading
  • Fail the Means Test and Still File Chapter 7 Bankruptcy?

    Posted By admin || 20-Dec-2011

    Failed the Means Test? Still Want to File Chapter 7? Some people who fail the Means Test aren't satisfied with the option of filing for a Chapter 13. There is still a chance that you can file for a Chapter 7 bankruptcy but you'll have to prove that you have a special circumstance that requires a review and is an exception to the rule or you'll have to work around the Means Test. Review the ...
    Continue Reading
  • Taxes, Debt Forgiveness and Bankruptcy

    Posted By admin || 19-Dec-2011

    Debt Forgiveness and Bankruptcy Debts forgiven in bankruptcy are never taxable. However, some debts forgiven outside of bankruptcy may create a tax liability for the debtor. Let's take a look at few tax issues debtors may face after settling debts outside of bankruptcy: Debt Settlement On Credit Cards As we have mentioned previously, many debtors are so anxious to avoid bankruptcy that they are ...
    Continue Reading
  • Three Characteristics Your Company Needs To Survive Bankruptcy

    Posted By admin || 19-Dec-2011

    Characteristics Your Company Needs To Survive Bankruptcy Bankruptcy is one of the most powerful tools available to businesses facing financially difficult times; but how does an owner know if their company can survive the bankruptcy process? Below are a few characteristics your company needs to survive bankruptcy: Flexibility Your company and core stakeholders are flexible and prepared to change - ...
    Continue Reading
  • How To Qualify For Chapter 13 Bankruptcy?

    Posted By admin || 19-Dec-2011

    Qualifying For Chapter 13 Bankruptcy Qualifying for Chapter 7 bankruptcy occupies most of a debtor's concerns when considering their options; but filing Chapter 13 bankruptcy also has its own set of requirements. Let's take a look at a few: Businesses Need Not Apply Chapter 13 bankruptcy is designed for consumers only. This means that corporations, partnerships and limited liability companies are ...
    Continue Reading
  • Cautions To Take When Planning Your Bankruptcy

    Posted By admin || 16-Dec-2011

    The most successful bankruptcy filings involve careful planning on the part of the debtor and their bankruptcy attorney. However, all pre-bankruptcy planning should be done carefully. Below are a few things debtors should use caution with when planning their bankruptcy: Quitting A Job When a debtor files for bankruptcy, they may need to take the means test to determine if they have enough ...
    Continue Reading
  • What Is Fraudulent Conveyance In Bankruptcy?

    Posted By admin || 16-Dec-2011

    What is Fraudulent Conveyance in Bankruptcy? Fraudulent conveyance is when a bankruptcy debtor transfers something of value, such as cash, real estate or other assets to someone or something else. If this transfer of wealth is made with the intention of defrauding the creditors, made while the debtor is insolvent or is transferred for considerably less value than it's worth, the bankruptcy trustee ...
    Continue Reading
  • What To Consider When Choosing A Bankruptcy Attorney

    Posted By admin || 16-Dec-2011

    Choosing the right bankruptcy attorney is one of the most important steps in filing for bankruptcy. Below are a few tips on what every debtor should consider when they hire a bankruptcy attorney: Choose Local Make sure that you chose a bankruptcy attorney who not only lives in your state; but is familiar with your state's bankruptcy laws. Each state has its own set of bankruptcy regulations, ...
    Continue Reading
  • How To Avoid Pre-Bankruptcy Holiday Mistakes

    Posted By admin || 15-Dec-2011

    It's the season of giving again which often means racking up tons of debt on top of the debt already owed. But if one of your New Year's resolutions is to consider your bankruptcy options, you will want to avoid the biggest mistakes bankruptcy filers make during the holidays. Below are a few tips: Consider Your Bankruptcy First The biggest mistake that debtors make during the holidays is spending ...
    Continue Reading
  • Unloading Tenant-In Common Investments In Bankruptcy

    Posted By admin || 15-Dec-2011

    TICs and Bankruptcy During the real estate boom, many investors sunk money into TICs or what's commonly known as tenant-in-common real estate investment structures. These investment entities allowed investors to own shares in properties which they could not individually afford. But when the real estate industry collapsed in 2008, many of these TICs went down with it. And because co-owners of TICs ...
    Continue Reading
  • Stop One of the Biggest Causes of Bankruptcy in its Tracks

    Posted By admin || 14-Dec-2011

    When you think of bankruptcy, do you think of people who've suffered from medical emergencies? Do you envision a bankruptcy court that's filled with individuals who've been irresponsible with their money? If that sounds familiar to you, then it's time to open up your mind to another cause of bankruptcy: credit card fraud. Recent statistics have indicated that credit card fraud costs American ...
    Continue Reading
  • Bankruptcy Protects Debtors From Unreasonable Attorney Fees

    Posted By admin || 14-Dec-2011

    Bankruptcy and Unreasonable Attorney Fees Besides the fear of affordability, many debtors fear that the fees charged for their bankruptcy case may be unreasonable. Fortunately, the bankruptcy code has anticipated the need to protect debtors from unreasonable attorney fees. Below we examine what is considered unreasonable and how debtors are protected: Freedom From Excessive Fees Section 329 of the ...
    Continue Reading
  • Business Rights, Obligations And Responsibilities In Bankruptcy

    Posted By admin || 14-Dec-2011

    When a business owner files bankruptcy, they have certain rights, obligations and responsibilities. Let's take a closer look at a few of the facts: Right To Operate If a debtor places their business in Chapter 11 bankruptcy, they generally have the right to continue to operate while they restructure their debts. However, if at any point it looks like the bankruptcy debtor is mismanaging the assets ...
    Continue Reading
  • When Bad Bankruptcy Lawyers Attack: How to Spot These Warning Signals

    Posted By admin || 13-Dec-2011

    How to Spot a Bad Bankruptcy Attorney Many financial experts agree that filing bankruptcy is a way to wipe the financial slate clean and start over again - and if you want to file the right way, you'll need to hire a high-quality bankruptcy lawyer with a superior track record. But this presumes the fact that you know exactly what to look for in a great lawyer. Like with most lawyers, there are ...
    Continue Reading
  • 47 results found. Viewing page 1 of 2. Go to page 1 2   Next