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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 September, 2013

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  • What You May Not Know about Bankruptcy Exemptions

    Posted By Allmand Law Firm, PLLC || 30-Sep-2013

    Bankruptcy exemptions play a big role during bankruptcy proceedings and they have different effects on each chapter filed. In short, they help you protect property and assets, while helping to keep repayment plan payments affordable. Each state has exemptions at different levels and they are available at the federal level to provide additional protection. If you want to know how you are able to ...
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  • Questions You Should Ask an Attorney When Ready to File Bankruptcy

    Posted By Allmand Law Firm, PLLC || 27-Sep-2013

    If you are thinking about contacting a Fort Worth bankruptcy attorney, you probably have concerns about what to ask. You may be considering bankruptcy if you have been struggling to make payments on debt obligations. Talking with a qualified attorney can be a significant step toward gaining financial control, but at the same time, you want to make the best of your time by getting valuable ...
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  • When You Need to File Divorce & Bankruptcy

    Posted By Allmand Law Firm, PLLC || 26-Sep-2013

    Divorce and bankruptcy commonly go hand in hand. Many people wonder if one should be done before the other. While divorce is a common reason why people file bankruptcy, there are a few areas to review that may help you determine which one to do first and how to do it efficiently to help ease each process. For the most part, understanding which option to do first may depend on where you live, how ...
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  • Thinking about Hiding Information in Bankruptcy? Think Again!

    Posted By Allmand Law Firm, PLLC || 25-Sep-2013

    Every year there seems to be more cases of people concealing details about their assets in bankruptcy. Too many people are under the impression they will lose what they have to creditors when they file, and feel the need to hide it in order to protect it. Such actions are considered unlawful and you can face serious criminal charges. Need more encouragement and understanding of why it is important ...
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  • What Does a Trustee Do in Bankruptcy?

    Posted By Allmand Law Firm, PLLC || 24-Sep-2013

    A bankruptcy trustee helps administer the case while it proceeds through the court process. The trustee is actually a part of a U.S. Trustee program developed through the Bankruptcy Reform Act of 1978 under the Department of Justice through the Attorney General. Depending on which chapter is filed, the role of the trustee varies. In Chapter 7 bankruptcy, the trustee may liquidate assets the debt ...
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  • How Chapter 13 Bankruptcy Can Help You Deal with Student Loan Debt

    Posted By Allmand Law Firm, PLLC || 23-Sep-2013

    Chapter 13 bankruptcy is a repayment approved by the bankruptcy court based on your income. While student loans are almost impossible to get discharged in bankruptcy, you can use the filing to help you reduce the amount you pay or you can delay making payments during the Chapter 13 repayment period. Students loans can be discharged when a debtor proves repaying it may cause hardship (also referred ...
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  • Owner of Penthouse Magazine Files Bankruptcy Protection

    Posted By Allmand Law Firm, PLLC || 20-Sep-2013

    FriendFinder Networks, owner of adult entertainment website and the popular magazine publication Penthouse, has filed for Chapter 11 bankruptcy. The company has been struggling to pull in new revenue in recent years, while having problems paying back outstanding loans and other debts. In August, the company was delisted from NASDAQ when their stock trade fell above one dollar. FriendFinder is also ...
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  • Do You Have to List All Debt Collection Agencies in Bankruptcy?

    Posted By Allmand Law Firm, PLLC || 19-Sep-2013

    Some debtors may get confused about the aspect of listing all debts when you file your petition. You are required by the bankruptcy court to submit all details in relation to outstanding debts, including creditors that are owed and their outstanding balances. But, what happens when more than one collection agency gets a hold of one delinquent debt? Do you have to list each agency or just the ...
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  • Former GOP Chairman of Minnesota Files Bankruptcy

    Posted By Allmand Law Firm, PLLC || 18-Sep-2013

    Tony Sutton, 46, former chairman of the Minnesota GOP has filed for Chapter 7 bankruptcy protection. Along with his wife Bridget, the couple claims to have outstanding liabilities totaling over $2 million. During his political career as state Republican Party chairman, Sutton pushed aggressively for republican legislators to stay in line with spending based on state revenue. In other words, he was ...
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  • Opening Too Many Eateries Causes New York Restaurateur to File Bankruptcy

    Posted By Allmand Law Firm, PLLC || 17-Sep-2013

    The owner of the Catalina Corsino Italina restaurant and other eateries located in Manhattan, Jason Denton, bit off more than he could chew by opening too many restaurants leading up to bankruptcy. His lawyer states the restaurateur opened too many eateries at a time when the economy was struggling due to the Great Recession. Denton, a prominent New York chef and restaurateur, recently filed for ...
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  • Illinois Man Admits Committing Bankruptcy Fraud

    Posted By Allmand Law Firm, PLLC || 16-Sep-2013

    A Wonder Lake, Ill man admits he committed fraud when he filed bankruptcy protection in 2008. James Grossmayer, 51, was charged with bankruptcy fraud after admitting he intentionally left out details about interest he had ownership of from an annuity totaling thousands of dollars. He also admits paperwork submitted to the bankruptcy court was incorrect. Grossmayer filed for Chapter 7 bankruptcy in ...
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  • Could Changing Bankruptcy Laws for Student Loans Improve the Economy?

    Posted By Allmand Law Firm, PLLC || 11-Sep-2013

    A recent report completed by the Center for American Progress looks at how the economy could benefit from student loan discharge. While getting student loan debt eliminated in bankruptcy can be done only under strict circumstances, many hope lawmakers reconsider making changes to a bankruptcy law that dates back to the mid-1970s that made getting rid of such debt literally impossible. Many find it ...
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  • Using Bankruptcy to Help Keep Your Business Afloat

    Posted By Allmand Law Firm, PLLC || 10-Sep-2013

    Small business owners can benefit from bankruptcy in a number of ways. Aside from using this powerful financial tool to help eliminate business debt, you can get legal assistance in restructuring or reorganizing your financial obligations. This may help you gain more control over business finances while remaining in business. There are a few aspects to think about when considering bankruptcy as a ...
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  • When Should You File Bankruptcy?

    Posted By Allmand Law Firm, PLLC || 9-Sep-2013

    Some people may wonder if there is a specific time you should file for bankruptcy protection. Better yet, is there a good time to begin the filing process? In most cases, it depends on personal circumstances in your situation. Each person has different needs and this makes each case unique. Most who file are seeking to obtain the relief they need to manage their finances. In understanding whether ...
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  • When Chapter 13 Bankruptcy May Be a Better Option than Chapter 7

    Posted By Allmand Law Firm, PLLC || 6-Sep-2013

    Distinguishing differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy may be just the beginning in understanding which chapter will provide the best solution for your situation. Even if you meet qualifications to file Chapter 7, it may be more beneficial for you to file Chapter 13. In other words, you may give yourself more advantages in filing Chapter 13 than what is offered in ...
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  • Are Health Savings Accounts Protected in Chapter 7 Bankruptcy?

    Posted By Allmand Law Firm, PLLC || 5-Sep-2013

    Health Savings Accounts and Bankruptcy Many who have a health savings account (HSA) or a medical savings account (MSA) may wonder whether such funds can be protected in chapter 7 bankruptcy. In many cases it depends on where you live and if the state offers protection for these types of funds. This can be an interesting question for debtor as it also depends on whether the funds are considered ...
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  • What Rights as a Debtor do I have when Filing for Bankruptcy?

    Posted By Allmand Law Firm, PLLC || 4-Sep-2013

    One of the reasons why debtors seek bankruptcy protection is to stop harassing collection attempts from creditors. While anyone should not be subject to such abusive measures, debtors have rights you need to know in order to protect yourself, even before you decide to file for legal protection. There are a number of debt collection agencies over the last few years that have been investigated and ...
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  • Do You Have to be Insolvent to File Bankruptcy?

    Posted By Allmand Law Firm, PLLC || 3-Sep-2013

    Being "bankrupt" and not being able to pay your debts should be considered two different situations. You often hear people throw around the term or expression of going "bankrupt" when they file bankruptcy protection. Yet, it may not necessarily mean you can't pay what you owe. When a consumer is considered insolvent they may be unable to take care of their financial ...
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