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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.

Can Bankruptcy Be the Answer to Your Financial Woes?

Posted By Allmand Law Firm, PLLC || 8-Oct-2013


While studies have shown that over the past year alone, bankruptcy filings have shown a slight decrease, this doesn't necessarily mean the economy is improving. A number of consumers have cut back on spending and borrowing since the housing market collapse in 2007. But, as people try to stick to reasonable budget, dealing with other pressing issues can take its toll on how you can regain financial control on your own.

Not to force anyone into doing something they don't want to; there are a large number of consumers who may be eligible to file for protection, but fail to do so due to lack of knowledge or being steered into the wrong direction when misinformed by bankruptcy myths. It is true that bankruptcy may not eliminate secured debt such as mortgage or car loans, but you may be able to obtain an affordable repayment plan (Chapter 13 bankruptcy) to help you retain your house and vehicle, instead of continuously struggling to make monthly payments.

You may not be able to discharge certain debts such as spousal/child support or recent tax debt . But, eliminating other unsecured debt that qualifies for elimination or discharge (Chapter 7 bankruptcy), may allow you to pay priority debts easier. You may need to review how filing would be beneficial for your situation. When you feel filing is the solution to your financial woes, make sure you review credit counseling legal requirements. There are approved counseling agencies available to help you complete the necessary course content.


Categories: Bankruptcy
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