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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.

Recent Posts in Credit Counseling

  • Credit Card Act Restrictions May Create New Fees

    Posted By admin || 13-Jun-2010

    Amid the new Credit Card Act which limits the credit card issuer's most profitable practices, many credit card companies are looking for new ways to generate additional income. New credit card fees such as annual fees and new banking fees for checking account customers are just a couple of ideas that banks are implementing to offset the loss of revenue caused by the Credit Card Act. Here's what ...
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  • Seven Steps To Rebuilding Your Credit After Bankruptcy

    Posted By admin || 12-Jun-2010

    Step 1: Start rebuilding your credit right after your bankruptcy is discharged. Many debtors feel that they never want a credit card or any type of debt after they file bankruptcy. While that sentiment is understandable, it is counterproductive to rebuilding credit because in order for a bankruptcy debtor to improve their credit score they must apply for credit. The longer you delay this process ...
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  • Overcoming Your Fears Of Considering Bankruptcy

    Posted By admin || 10-Jun-2010

    Being in debt is scary; but having your debts threaten the financial safety and security of your family can be even more scary. That's why it's not surprising that many debtors have many fears concerning a bankruptcy filing. Several myths feed into these fears; but the truth is that bankruptcy is often the only chance some debtors have to get out of debt and get onto the road of financial ...
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  • Five Signs That You May Be At Credit Card Default Risk

    Posted By admin || 8-Jun-2010

    You pay the minimum payment on your credit card. Paying the minimum payment requirement on your credit card may be a sure sign that you are at credit card default risk especially if you can't afford to pay more than your credit card's minimum payment. You use one credit card to pay the minimum payment on another. You are probably on the edge of default if you are using one credit card to pay the ...
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  • Credit Card Authorized User vs. Joint Account Holder

    Posted By admin || 7-Jun-2010

    There seems to be a lot of confusion about the difference between a credit card's authorized user and a joint account holder and debt collector practices aren't helping any. One of the most common but often least heard of dirty tricks of the debt collections industry is going after a credit card's authorized user for payment when the main account holder has defaulted on their credit card loan. So ...
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  • Realities Debtors Should Consider Before Settling Debt

    Posted By admin || 2-Jun-2010

    With the unemployment rate still above 9 percent, many debtors have found themselves unemployed for one or two years. Unfortunately for the unemployed debtor, daily expenses remain and can eventually exhaust the debtor's savings, retirement accounts and even cause them to max out their credit cards. Facing long-term unemployment, depleted savings and mounting credit card debt, many debtors are ...
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  • Handling Student Loan Debt After Bankruptcy

    Posted By admin || 2-Jun-2010

    Student Loan Debt After Bankruptcy Like child support obligations and some types of taxes, student loan debt will most likely survive your bankruptcy filing unless you can prove that repaying them will cause an undue hardship. So how does a debtor get a fresh financial start after bankruptcy even if they still need to repay student loans? Let's take a look at few tips: Immediately contact your ...
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  • What Credit Card Debtors Should Know About The Statute Of Limitations

    Posted By admin || 2-Jun-2010

    Credit Card lenders and their debt collectors have a limited amount of time to sue debtors for failing to repay credit card debt. In the state of Texas, the statute of limitations for open ended type debts such as a credit card is four years. A debt collector pursuing a debtor for payment on a credit card debt is prohibited from filing a lawsuit against that debtor after the statute of limitations ...
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  • Bankruptcy Facts: What You Need To Know About Credit Counseling

    Posted By admin || 28-May-2010

    Any debtor wishing to file bankruptcy is required to take a credit counseling and budget course before they file. If they do not take the credit counseling and budget course they will not be allowed to file bankruptcy. The credit counseling and budget course is available in English and a number of other languages depending on the agency providing the course. It is advised that you take the credit ...
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  • How To Prevent Loved Ones From Ruining Your Credit

    Posted By admin || 27-May-2010

    One common credit problem that is rarely talked about is when a family member or other loved one ruins your credit by either stealing your identity to breaking their promise to repay debt that you co-signed for or gave them access to. So how can you protect yourself from credit wrecking family and friends? Don't co-sign credit cards or other types of debt. We know it is difficult to say no to a ...
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  • Stop The Faux Moral Outrage About Personal Bankruptcy

    Posted By admin || 22-May-2010

    As the number of Americans filing bankruptcy reaches an all time high there has been a rise in the faux "moral outrage" against bankruptcy. Many so called debt repayment "gurus" are thumbing down their collective noses at bankruptcy and the debtors who rely on bankruptcy to get a fresh financial start. Many of these "gurus" seem to be on a witch hunt for spendthrifts who are using bankruptcy to ...
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  • Tackling Mortgage Debt And Bankruptcy

    Posted By admin || 21-May-2010

    Now that many Americans are desperately struggling with debt, there has been a brand new crop of debt and wealth "gurus" who are imparting advice that may not be the best thing for many Americans struggling with debt troubles and considering bankruptcy. One of the most often repeated pieces of advice for homeowners is the suggestion that a home mortgage should be paid off as soon as possible. ...
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  • Why Having A Co-Signer Is Not The Best Way To Rebuild Credit

    Posted By admin || 21-May-2010

    Millions of Americans negatively impacted by job losses and battered credit ratings are looking for "easy" ways to rebuild their credit worthiness. One of the most recommended ways to rebuild credit worthiness is for a debtor to have a trusted (and credit worthy) family member or friend add them to their credit card. Credit "gurus" often suggest this method because by adding the debtor to ...
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  • Some Credit Unions Say 'Bye Bye' To Overdrafts - Banks Should Too

    Posted By admin || 18-May-2010

    Some credit unions are banishing overdraft fees by creating checking accounts and debit card options that eliminate overdrafts by limiting an accountholders ability to withdraw only the amount of cash available in the account. The new system is called Cash Points Global (CPG) which is a controlled spending account with only electronic access via the CPG card. There are no checks, no paper ...
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  • Big Banks Pushing "Shadow" Payday Loans?

    Posted By admin || 17-May-2010

    A new report was recently released by the Center for Responsible Lending, stating that many mainstream banks are offering short-term, high-interest loans that are basically payday loans in the form of a paycheck advances. These loans charge $10 per $100 per month and amount to an annual percentage rate of 120 percent or more violating the ban on triple-digit interest rates in 15 states and the ...
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  • Don't Be Fooled By "Free" Credit Health Companies

    Posted By admin || 8-May-2010

    It's been seven years since credit bureaus have been required by law to provide Americans with annual access to their credit reports, at no charge; but the the AnnualCreditReport.com web site created to manage the process has been overshadowed by a variety of companies claiming they can offer "free" credit health reports leaving many consumers confused and out of money they could have spent ...
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  • Debtors Are Not Required To Financially Punish Themselves Because Of Past Mistakes

    Posted By admin || 6-May-2010

    There seems to be an upsurge of anti-bankruptcy rhetoric aimed at indebted Americans to make them feel guilty about their financial circumstances which force them into bankruptcy. Since the critics can't honestly say that bankruptcy is not an effective way to discharge debt and get a fresh financial start, now many are saying that bankruptcy is immoral and too easy. Let's get to the bottom of the ...
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  • HAMP Foreclosure Prevention Program May Lower You Credit Score

    Posted By admin || 1-May-2010

    Many homeowners facing foreclosure who sign up for the HAMP foreclosure prevention program are often faced with a lower credit score afterwards. And in many cases the credit score can drop as much as 100 points especially for homeowners who had not become delinquent on their mortgage despite financial difficulties. To enroll in the Obama administration's $75 billion "Making Home Affordable" ...
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  • Why Debtors Considering Bankruptcy Should Stop Using Automatic Bill Pay

    Posted By admin || 29-Apr-2010

    Automatic bill pay has become very popular, especially for those who want the convenience of having their monthly ongoing bills automatically deducted from their checking account. But for debtors considering bankruptcy automatic bill payments are not a good idea. Here's why: You often have no idea what you are spending each month. If you're considering bankruptcy and use automatic bill pay, most ...
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  • How To Avoid The Coming Credit Card Backlash

    Posted By admin || 28-Apr-2010

    With the implementation of the Credit Card Act last month, many credit card companies are taking actions to make up for lost profits. The implementation of annual fees and inactivity fees are just two of the most commonly used strategies being utilized by credit card companies to fill in the gap of lost profits. But what can credit card customers do to avoid these extra fees by credit card ...
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  • New Credit Card Disclosures May Not Reach Debtors Who Bank Online

    Posted By admin || 19-Mar-2010

    The new Credit Card Act which requires credit card companies to disclose how much a debtor needs to pay each month to pay off their balance clean within three years, and how long it would take them to be debt free if only minimum payments are made may not effectively reach debtors who bank online or pay their credit card bill through automatic electronic payment. Debtors who bank online and forgo ...
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  • What To Expect From The Credit Card Industry In 2010

    Posted By admin || 2-Mar-2010

    After the passing of the Credit Card Act, which will restrict credit card companies' ability to increase interest rates, amongst other things, the credit card industry took decisive action to soften the blow to their profits. Below are some of the changes you may see on your credit card in 2010: An annual fee. Since the Credit Card Act was passed, about 43 percent of new credit card offers ...
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  • Bankruptcy and Personal Responsibility

    Posted By admin || 1-Mar-2010

    Bankruptcy and the debtors who seek bankruptcy protection have often been the unfortunate victims of unfair labels and generalizations. One of the unfair and inaccurate labels given to debtors who file bankruptcy is "irresponsible." Many people see bankruptcy as a cop out or an easy road away from trouble and view those who use bankruptcy as "cheaters" who want to run away from their ...
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  • It's Been Years Since I Stopped Paying My Credit Card, Will They Sue Me?

    Posted By admin || 19-Feb-2010

    In the state of Texas there is a four year statute of limitations on the ability of debt collectors to sue a debtor because of an unpaid credit card debt. What that means is that if after your credit card debt is charged off, a debt collector only has 4 years to sue you and get a judgment. If they have not sued you within 4 year, they are not allowed to sue you for repayment of the credit card ...
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  • What You Need To Know Before You Pay That Credit Card Debt

    Posted By admin || 17-Feb-2010

    Many debtors who have fallen at least six months behind on their credit card accounts are receiving payment demands from debt collectors. These calls and letters can be unsettling and scary. But it is important that debtors understand that debt collectors are infamous for using unethical and even illegal means to get you to pay your debt. Before you rush off to pay that credit card debt because of ...
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  • Credit Card Penalty Rates vs. Penalty Fees

    Posted By admin || 16-Feb-2010

    Making a late payment on your credit card has always carried a heavy penalty. Most prime credit card issuers will dramatically increase a debtor's interest rate for one missed payment. The penalty interest rate is typically called the "default rate." The average default rate for credit card issuers is 27.88 percent, and more than half of credit card issuers have a default rate that is much higher. ...
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  • Seven Things You Need To Know About Delinquent Credit Cards

    Posted By admin || 23-Nov-2009

    Most credit card companies will send a delinquent credit card account to a collection agency after 180 days of no payment. These delinquent credit card accounts are usually sold for pennies on the dollar. Debt collectors who hold your credit card account are regulated by the Fair Debt Collection Practices Act and can be liable for violating the rules of this law. Calling you before 8am or after ...
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  • Credit Union Credit Cards Vs. Bank Credit Cards

    Posted By admin || 11-Nov-2009

    According to an article in Forbes, as study conducted by the Pew Charitable Trust found that credit cards offered by credit unions may offer lower rates and cheaper fees than their bank issued counterparts. The article said: "The study found that the median advertised interest rates for credit cards issued by the nation's 12 largest credit unions were 20% lower than those for bank-issued cards. ...
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  • Debtors Credit Score Takes A Beating With Medical Debt

    Posted By admin || 2-Nov-2009

    According to an article in the Dallas Morning News, medical debt can have a huge impact on a debtor's credit score affecting their ability to obtain home loans, credit cards as well as the interest rate they're offered. The article focuses on the story of Steve Smith who suffered a heart attack during a lapse in his health insurance. The article said: "When Steve Smith had a heart attack in 2006, ...
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  • Debtor Alert: "Credit Counseling" Deception

    Posted By admin || 28-Aug-2009

    According to an article at KFoxTV, credit counseling/debt settlement companies are using deceptive practices to con credit card consumers by giving the impression that they are calling from a credit card company and offering "lower credit card interest rates." The article said: "Vasquez has received a number of calls on his cell phone playing recordings that claimed to be from his credit card ...
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  • College Students and Parents Beware of Credit Card Offers

    Posted By admin || 28-Aug-2009

    As the school year begins, credit card companies are in a mad dash to rack up as many new and young customers as possible before the Credit Card Accountability Responsibility and Disclosure Act of 2009 becomes effective February 22, 2010, restricting access to youth under 21 years old. According to an article in DetNews, credit card companies are already swarming campuses with tempting credit card ...
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  • Using Credit the Right Way

    Posted By admin || 27-Aug-2009

    After your bankruptcy has completed, you need to take steps to make sure that you avoid the same mistakes that helped lead you to bankruptcy. One of the things you can do to get your financial life back in order is to begin to use credit wisely. Not only will using credit wisely help you towards financial prosperity, it will help you get your credit in check sooner rather than later. The following ...
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  • Positively Impact Your Credit Score

    Posted By admin || 20-Aug-2009

    Your credit score is calculated by factors that are often counterintuitive. One of the largest problems people face when trying to improve their credit is that they are ill informed. You heard your friend so and so say that this could help your credit, or your other friend said that could help your credit. Well don't fret any longer, because a recent article on Yahoo Finance presented " 7 Ways to ...
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  • My Corporation is Drowning in Debt, Can Creditors Come After ME?

    Posted By admin || 16-Aug-2009

    Many business owners/debtors considering bankruptcy are concerned about protecting their personal assets. If a business is a corporation, some debtors assume that creditors cannot pursue them personally for debts owed by the corporation. The truth is that creditors may have the power to pursue the debtor's personal assets under certain circumstances. The most important question a business owner ...
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  • Banks Lose On Credit Cards But Rake in Billions on Overdraft Fees

    Posted By admin || 14-Aug-2009

    According to an article in the Daily Finance, the amount of profits banks are earning from overdraft fees has nearly doubled since 2000 reaching a record $38.5 billion. The average bank overdraft fee rose from $25 to $26 for the first time in over 40 years, causing some consumers more trouble than their high interest credit cards. And many consumer advocates say, that's exactly the point of ...
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  • Short-Term Health Insurance Plans Won't Solve Long-Term Problem

    Posted By admin || 13-Aug-2009

    As the many Americans face job losses, many are facing the prospect of being uninsured as their COBRA plans are either unaffordable or have run out. For those Americans who can't afford individual comprehensive healthcare going uninsured is often the end of the line. Unfortunately the uninsured are at a high risk of eventually becoming burdened by medical debt. Medical debt is one of the leading ...
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  • More Americans Relying on Credit Cards to Survive

    Posted By admin || 11-Aug-2009

    A survey released by Tamara Draut, vice president of policy and programs at Demos and co-author of The Plastic Safety Net: How Households are Coping in a Fragile Economy, revealed that 37 percent of low-income and middle-income households use their credit cards for basic living expenses such as housing, groceries and utilities on a regular basis. Tamara Draut said: "Wages have stagnated while ...
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  • Student Loan Debtor Denied Discharge Due to ICRP

    Posted By admin || 7-Aug-2009

    A divided 8th U.S. Circuit Court of Appeals panel reversed a decision allowing a Chapter 7 debtor to discharge his student loans because they found that he did not face an undue hardship despite the immense amount of the loans. In the case of Educational Credit Management Corp. v. Jesperson (In re Jesperson), No. 07-3888 (8th Cir. 07/08/09), the debtor faced student loan debt that had grown to ...
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  • Rebuilding Your Credit After Bankruptcy

    Posted By admin || 3-Aug-2009

    There is a nasty myth about bankruptcy that stops many debtors from seeking much needed relief. The myth states that once you file bankruptcy your credit is ruined for life. This is completely and dangerously false. After filing for bankruptcy most former debtors are eventually able to restore their good credit standing and go on to purchase homes, vehicles and obtain unsecured credit. Here are ...
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  • Capital One Loses on Credit Cards

    Posted By admin || 29-Jul-2009

    According to an article in the Washington Post, Capital One Financial lost $276 million in their second quarter, due to continuing losses from its credit card loans. Capital One's U.S. credit card business was down by 51 percent in 2009 compared to last year's numbers. The article said: "Chief executive Richard D. Fairbank told investors and analysts in a conference call Thursday that the McLean ...
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  • CIT Group Makes One More Bid to Avoid Bankruptcy

    Posted By admin || 28-Jul-2009

    According to an article in the Bloomberg, commercial lender CIT Group Inc., is pulling no punches to avoid bankruptcy; but may need to file anyway. The struggling commercial lender said that it is trying to avoid bankruptcy with a debt tender offer to bondholders which would include a $3 billion loan and $1 billion in floating-rate notes. The article said: "Even if the bond tender succeeds, ...
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  • Check and Re-Check Your Electric Bills

    Posted By admin || 17-Jul-2009

    As if the economy wasn't taxing the budgets of most consumers enough, billing errors have compounded the frustration and stress of many Oncor and TXU Energy customers. The Star Telegram reported that about 130,000 customers received inaccurate billing during the month of May. According to the article, a Hurst police officer, Chris Teague utilized average billing through TXU and usually paid $225 ...
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  • Rebuilding Credit

    Posted By admin || 17-Jul-2009

    Ah. Do you feel that weight lifted off your shoulders? You have successfully filed bankruptcy, and in doing so, you have made your first step toward repairing you credit. It feels liberating to not have creditors calling you on a nightly basis with sometimes-hostile demands that you make payments you can't possibly afford. Instead of demand letters, you are receiving credit applications. What a ...
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  • Your Credit Card Rights -- What You Should Know

    Posted By admin || 11-Jul-2009

    As the credit crunch worsens and lenders become more cautious about who they deem creditworthy, there a few things every credit card consumer should know about their rights. A credit card consumer cannot be discriminated against because of their family status. For example if you are a single parent a credit card company cannot deny you access to credit because of your family status. A credit card ...
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  • Consumer Beware of Prepaid Debit Cards

    Posted By admin || 2-Jul-2009

    Just when you thought credit cards were the only plastic culprits you had to watch out for, prepaid debit cards are crashing on the watch list of consumer advocacy groups. Many Americans who have lost access to bank accounts and credit cards due to bad credit, wage garnishments or bounced checks are the biggest target of companies selling prepaid debit cards. Basically a prepaid debit card is a ...
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  • Your Money and Corporate Bankruptcy

    Posted By admin || 29-Jun-2009

    As more businesses file bankruptcy, many consumers, who are also facing financially tough times, are finding themselves losing money on prepaid purchases, gift cards or even wondering about the validity of a warranty. Here are a few tips on how consumers can protect themselves when businesses file bankruptcy: Avoid pre-paying for products/services sold by companies nearing bankruptcy. Sometimes a ...
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  • Ignoring Credit Card Debt Can Lead To Wage/Bank Account Garnishment

    Posted By Allmand Law Firm, PLLC || 18-Sep-2008

    With millions of Americans facing job losses and mounting credit card debt, many people are choosing to ignore calls and letters from debt collectors. Let's face it, when you're struggling to pay the basics (food and shelter), who has any money or energy left for the debts you can't pay off any time soon? But be forewarned, if collectors see that your debt is languishing and you ...
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