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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 June, 2012

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  • Can I Discharge Unpaid Income Taxes in Bankruptcy?

    Posted By admin || 29-Jun-2012

    Bankruptcy and Unpaid Income Taxes Certain income tax debt may qualify for discharge through bankruptcy but you need to have your income taxes filed. It is unlikely bankruptcy will wipe out unfiled tax debt but there are specific requirements that need to be met in order for tax debt to be successfully discharged. Chapter 7 bankruptcy may be an option to eliminate certain tax debt if it qualifies, ...
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  • Can Creditors Pursue My Cosigner if I File Bankruptcy?

    Posted By admin || 29-Jun-2012

    When you file bankruptcy, most often the debtor who files the petition, also known as the primary borrower, is protected from creditors. This may vary depending on which chapter is filed. It is possible for creditors to pursue collection attempts with the cosigner since they originally agreed to pay if you are unable to. There are a few options to consider in helping protect the cosigner: It's ...
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  • Taking Necessary Steps to Ensure a Successful Bankruptcy Filing

    Posted By admin || 28-Jun-2012

    Understanding the bankruptcy process includes knowing what steps are involved to ensure a successful outcome. Reviewing your options and planning ahead can help save time and reduce stress. The following helps give you an idea of what to expect and what actions you should plan to take in an effort to complete the filing process in the best way possible: Seek an experienced bankruptcy attorney to ...
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  • When It Is Best to Wait to File Bankruptcy

    Posted By admin || 28-Jun-2012

    When You Should Wait to File Bankruptcy Sometimes waiting to file bankruptcy may make better financial sense depending on personal circumstances. Holding off on filing may give you advantages that can help you retain property, discharge more debt and avoid potential pitfalls that could prevent discharge of debts. If you've moved to another state and want to file bankruptcy, you may need to wait a ...
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  • What Happens if You Falsify Information When Applying for Unemployment?

    Posted By admin || 27-Jun-2012

    Falsifying Information When Applying for Unemployment Falsifying information on your unemployment application may have serious consequences. The Texas Workforce Commission states that anyone who provides false information or is found being untruthful when supplying information in order to receive benefits may get jail time, fines and even reducing chances of gaining future employment. The same is ...
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  • Why It Is Important to Plan Ahead Your Bankruptcy Filing

    Posted By admin || 27-Jun-2012

    Planning Ahead For Your Bankruptcy Filing Many consumers don't realize that you can plan filing for bankruptcy months and even years ahead of time. It is not only a wise idea but it may help you avoid common challenges that keep debtors from completing the filing process successfully. Understanding your options may help you retain property while learning when it's best to file. If you are ...
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  • Why Do People Choose to File Chapter 13 Bankruptcy?

    Posted By admin || 26-Jun-2012

    Chapter 13 bankruptcy allows debtors to repay creditors under a court-approved payment plan. The plan includes making scheduled payments that are often less than what the debtor was originally paying. The repayment plan has a 3 to 5 year payment period with creditors unable to pursue collection action against you. Whatever terms are set in the repayment plan, both the debtor and creditor are ...
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  • Most Common Debts Discharged in Bankruptcy

    Posted By admin || 26-Jun-2012

    Types of Debt Discharged in Bankruptcy One of the benefits of filing Chapter 7 bankruptcy is the ability to discharge qualifying debt. Debt that is discharged is eliminated; meaning creditors are unable to pursue collection attempts against the debtor once the action is granted by the judge. The debtor is no longer liable for the debt. The action is granted after the meeting of the creditors with ...
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  • Is Chapter 7 Bankruptcy an Option to Help Me Keep Secured Property?

    Posted By admin || 25-Jun-2012

    Secured Property and Chapter 7 Bankruptcy It's common to be told by your bankruptcy attorney or trustee that secured property should be paid for or returned in a Chapter 7 bankruptcy case. Meaning if you have a debt that includes secured property with a lien, you'll have to set up a payment arrangement with the creditor or just turn over the property. While this is often the case, it's not always ...
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  • Common Mistakes Made When Filing Bankruptcy

    Posted By admin || 22-Jun-2012

    Mistakes Made When Filing Bankruptcy The bankruptcy process is known for helping many consumers get out of debt but in order to obtain the fresh start you're seeking, you want to go about the procedure in the right way. Certain moves such as leaving out important information or lying about your finances could make your case more challenging upon being presented to the judge. Your case may go a lot ...
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  • Determining if Bankruptcy is the Best Option

    Posted By admin || 22-Jun-2012

    Is Bankruptcy Your Best Option? Bankruptcy is usually the last option for debtors but some don't take time to review qualifications and requirements. Deciding to file bankruptcy may depend on several factors. It helps to review your situation thoroughly as well as review alternatives to filing. There are different types of bankruptcy you can file. Most debtors look to file either Chapter 7 or ...
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  • The Differences Between a Bankruptcy Dismissal and Discharge

    Posted By admin || 21-Jun-2012

    Bankruptcy Dismissal and Discharges What is a Bankruptcy Discharge? In bankruptcy a discharge and a dismissal are two different actions that are commonly confused by debtors. A discharge is often sought by those looking to eliminate debt and a dismissal is an action that in most cases, you want to avoid if you are looking to improve your financial situation. A discharge is granted for qualifying ...
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  • When an Emergency Bankruptcy is Filed

    Posted By admin || 21-Jun-2012

    While it's recommended to take time in deciding to file bankruptcy to insure procedures are followed correctly, there are situations in which it makes sense to file a petition immediately. Some people wait to begin the filing process but in turn, waiting may make the situation more challenging. With filing for bankruptcy protection right away you can begin part of the process while obtaining ...
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  • What You Should Know About Bankruptcy and Medical Bills

    Posted By admin || 20-Jun-2012

    Medical debt continues to be one of the most common reasons why consumers file for bankruptcy protection. Since unemployment continues to be a challenge for many Americans across the country there is a continued lack of financial support for medical insurance coverage. The same is likely for those who are underemployed. Even some with medical coverage find themselves struggling to keep up with ...
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  • How is Credit Card Debt Discharged in Chapter 7 Bankruptcy?

    Posted By admin || 20-Jun-2012

    Chapter 7 bankruptcy allows qualifying debt such as credit card debt to be discharged. Once a discharge is granted the creditor can no longer pursue payment from the debtor. In most cases, the debtor is not required to pay income tax on debt that has been discharged and the debt is no longer enforceable against you. Credit card debt is an example of unsecured debt; signature loans and medical ...
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  • What You Should Know When Filing Bankruptcy Again

    Posted By admin || 19-Jun-2012

    Filing Bankruptcy Again? There are many misconceptions floating around about filing bankruptcy again, that those who need to file another time around may become confused. Many believe that once you file bankruptcy that you can't file again but this isn't true. While it's common to accumulate debt after filing the first time, some can't help experiencing financial challenges that ultimately bring ...
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  • 5 Common Bankruptcy Myths Exposed

    Posted By admin || 18-Jun-2012

    5 Common Bankruptcy Myths Millions of consumers file bankruptcy every year and while those who file have their own reasons why, others may assume a filing was done for reasons that may not be true. Some people have certain beliefs about why consumers file for bankruptcy protection, with different myths often keeping people from seeking their own form of financial relief. Below is a look at common ...
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  • Does Bankruptcy Protect Social Security Disability Income?

    Posted By admin || 18-Jun-2012

    Social Security Benefits and Bankruptcy If you receive Social Security benefits, bankruptcy provides protection through state exemptions whether you file Chapter 7 or Chapter 13 bankruptcy. Most often the means test helps determine your eligibility when filing, but some states may not calculate your benefits into the test. On the other hand, there are situations in which Social Security benefits ...
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  • Bankruptcy and Wage Garnishment

    Posted By admin || 15-Jun-2012

    Wage garnishment is an action pursued by creditors to help satisfy outstanding debt. The action allows them to take paycheck earnings and have them automatically forwarded to creditors. Bankruptcy may stop the garnishing process and even collect wages that have been garnished under certain circumstances. When bankruptcy is filed the automatic stay goes into effect which stops creditors from ...
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  • Understanding the Purpose of Bankruptcy

    Posted By admin || 15-Jun-2012

    The Purpose of Bankruptcy Bankruptcy is a legal process that can help improve your financial situation but some may not exactly understand what bankruptcy is. Many assume it will wipe away debts but certain qualifications should be met depending on your situation. The following basic questions are most commonly asked that may shed light on the bankruptcy process: What is it and Does it Completely ...
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  • Student Loans and Bankruptcy

    Posted By admin || 14-Jun-2012

    Student loan debt has been part of an ongoing debate when it comes to the subject of getting them discharged. While the debt in most cases cannot be discharged, a bankruptcy filing may help you gain advantages in repaying what is owed. The only way student loan debt is discharged or eliminated is when an "undue hardship" has been created making it virtually impossible for the loan to be repaid. ...
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  • How Do I Answer a Debt Lawsuit?

    Posted By admin || 13-Jun-2012

    Handling Debt Lawsuits Getting a summons and learning you are being sued can be overwhelming and confusing when you are unsure what your next course of action should be. You have the option of seeking legal assistance to help you resolve the matter. In answering the summons, there are several steps to take that may help you save money especially if you feel the lawsuit has no merit. In answering ...
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  • What You May Not Know about Chapter 7 Bankruptcy

    Posted By admin || 13-Jun-2012

    Bankruptcy can sometimes be complicated but it can be even more challenging when you don't understand the process clearly due to myths, misconceptions or false information that isn't true. Chapter 7 bankruptcy may help you get the fresh start you're looking for but it also helps to get accurate details to help you make an informed decision so your financial situation has a positive outcome. Many ...
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  • What You Should Consider during the Divorce Settlement Process

    Posted By admin || 11-Jun-2012

    Some couples get so tempted to just sign the divorce settlement in a hurry just to get the process over with. Even when things look good they may not always be fair and for some, they find out after the divorce has been finalized. When making decisions regarding the settlement there are several areas that should be thoroughly considered. When the divorce settlement is being created, a spouse often ...
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  • Maintaining Your Foreclosure Home

    Posted By admin || 11-Jun-2012

    For a homeowner who is facing a foreclosure, it should come as no surprise that they may end up residing in their home for months or even years before ever even receiving their first eviction notice. Although they may know that it is coming, in the meantime their home will still need to be maintained. Whether or not the homeowner plans to use that time to save themselves from losing their home or ...
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